WTIC West Texas Intermediate Crude Oil Daily Chart; Potential Island Reversal Pattern or Gap Fill; Positive Divergence; Oversold; Oil Was 67 Before the Iran War

The West Texas Crude Oil daily chart is interesting. The drama started when King Donnie Chumpski attacked Iran starting a Middle East war. This was the last day of February and you can see the immediate gap-up move once the bombs started falling. Oil was at 67 and lower before Donnie Chump's war so that is a key number to watch since the president's cheerleaders will be throwing confetti singing Hey Mickey. President Trump's detractors are up all night praying by their bedsides for 67 to not occur before the mid-term elections in November (so they can use it as a talking point). Isn't the two-party corrupt crony capitalism system sickening?

The gap up move in oil at the start of the war creates an island above let's call it Trump Island. It is only a short boat ride from Epstein Island where secrets are buried. Donnie likes gold plated tacky crap from the 1980's so he was pleased that his island is rich with pyrite. A red mountain range forms with spikes corresponding to bad news from the Iran War. WTIC tagged 120 in the first few days and it was comfortable with 110 and higher for a few days a couple different times.

Price comes down to 70 from where it broke out higher in early March. A potential island reversal pattern is on the table. Whozzit? Whazzit? Price may gap lower from 70 to 67 in a heartbeat falling back through the gap that was created at the start of the war creating the island reversal pattern. Price may also simply meander lower from 70 and fill the gap.

Interestingly, the green lines show price making lower lows with the chart indicators positively diverged in this daily time frame. Technically, the chart wants to see oil bounce from here and not fail, on the daily basis. It has fallen like a stone so it is reasonable to expect a back kiss of the 200-day MA at 73.84 in the days ahead. King Donnie better jump on his social internet account quick and begin bloviating good news from Iran to help create either the island reversal or the gap fill.

Trump wants lower oil prices, especially to get them back to pre-war levels and lower, so he can use it as a bragging point ahead of the elections. Obviously, democrats are content with oil above 70 since they can use it against Trump. Doing what is right for Americans no longer matters. The corrupt republicans and democrats pledge their allegiance to their crony parties and political narratives and agendas and not to the country. It is called crony capitalism pig slop.

A head and shoulders pattern forms on Trump Island as shown by the red lines. It has three right shoulders, you can call it Quasimodo. In life, everyone is deformed and damaged in some manner physically, mentally or emotionally. At least you do not have three humps in your shoulder. The head is at 113 with neckline at 87 so that is 26 difference. If price falls through the neckline, the downside target would be 61 subtracting the 26 from 87. The neckline failed so 61 remains a downside target.

Brent oil broke out higher from 73 when the Iran War started and it has returned down to its starting point printing a 71 handle a couple days ago and now at 73.54. If WTI follows the Brent lead, oil price would continue lower and produce either the island reversal pattern or a simple gap fill and ring the bell at 67 and lower. 

The gold circle shows the golden cross that forecasted higher prices ahead but that was Captain Obvious stuff once the missiles, drones and bombs were detonating all over the Middle East. The possie d wants to see prices rally on the daily basis for a few days. This will only change if happy talk occurs from Donnie and the Iran War.

Watch for the potential island reversal or gap fill. Watch 67 since that is when you will have the Trump sycophants cheering, and the deranged never-Trumper's jeering. Keystone is not playing oil or its derivatives long or short these days. Have the high oil prices gone away? Gone Away by The Offspring. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note Added Tuesday Morning, 6/30/26, at 5:47 AM EST: WTIC oil 70.81 dancing above and below the flat line. Analysts are all over the map some saying an oil glut will sink prices but others say supply problems will persist. In the daily time frame, will WTIC oil bounce, or produce an island reversal, or produce a gap fill? It probably depends on what King Donnie decrees about his Iran War today. Brent oil 73.16.

Note Added Tuesday, 6/30/26, at 12:01 PM EST: WTIC oil teeters at 70.00. Will it bounce? Will it fall through the gap for an island reversal? Will it slowly drift lower to fill the gap? Take your pick.