Missing the regular uptrend on crude oil prices?

This is perhaps one other probability to catch a dip on a fast pullback!

Take a look at these correction levels I’m eyeing on the 4-hour time-frame.

WTI Crude Oil 4-hour Chart by TradingView

Crude oil is stalling on its climb after seeing stronger than expected U.S. CPI data that reinforced expectations of “higher for longer” U.S. borrowing costs.

The surprise construct in EIA crude oil inventories also brought bearish vibes, as the rise of 5.8 million barrels in stockpiles versus the projected gain of 0.9 million barrels suggested weaker demand conditions.

Do not forget that directional biases and volatility conditions in market price are typically driven by fundamentals. In the event you haven’t yet done your fundie homework on crude oil and the U.S. dollar, then it’s time to ascertain out the economic calendar and stay updated on every day fundamental news!

With that, the commodity is perhaps poised to maintain retreating in the interim, possibly testing the nearby support zones marked by the Fibonacci retracement tool.

The 38.2% level appears to be attracting some buyers currently, but a bigger correction could still test the 50% Fib near the $84 per barrel mark, S1 ($83.68) and the rising trend line that’s been holding since February.

The 100 SMA dynamic support also lines up with this area so as to add to its strength as a floor and is above the 200 SMA to hint that the uptrend is more more likely to resume than to reverse.

If any of the Fibs are capable of keep losses in check, stay looking out for a continuation of the climb to the swing high or as much as R1 ($88.63) then R2 ($90.58).

Are there some other catalysts that would still impact market sentiment and USD direction at the top of this trading week? Just be certain that you retain your eyes and ears peeled for geopolitical headlines, too!