Crude Oil Turned Old Resistance Into Support and Held It

WTI crude oil is holding above a declining resistance line that flipped into support, while energy sector stocks press multi year highs. Razan Hilal, CMT, StoneX Media Market Analyst, walks through the multi timeframe structure across WTI crude oil and the Energy Select Sector ETF. She works through the positive correlation between the Energy Select Sector ETF and WTI crude oil, and what a break in either direction would signal across the wider energy complex. The analysis also covers the Strait of Hormuz and the U.S. and Iran situation, including how a de-escalation and calmer supply flows would reshape the picture. Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_razan_hilal&utm_content=share 00:00 - Energy Stocks Test a Wall 00:33 - XLE Presses Multi Year Highs 01:42 - Where the Energy Bid Breaks 02:33 - Crude Flips Its Resistance 03:41 - The Support Stack Below Oil 04:58 - Hormuz Calm Changes It All Like and subscribe for more financial market insights. #CrudeOil #StoneX #RazanHilal #OilPrices --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social