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Crude oil opened with a gap down, but initial absorption led to a pullback higher, supported by the prior session’s b-shaped profile structure—suggesting a bullish bias in the short term.

A weaker dollar is currently providing an additional supportive tailwind. Given the profile, a gap-fill scenario appears likely, with upside targets around the previous VWAP close at $58.54.

Buyers may emerge around the developing VWAP, currently near $56.50, and near the lower developing value area low (DVAL) around $56. If the gap fills—reaching at least $57.75 or even $58.17—selling pressure could return, prompting a rotation back toward session lows during RTH.

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On the daily interval, crude remains below the Quarter's developing value area, which maintains a downward slope—indicating a broader high time frame (HTF) bearish bias. However, repeated lower wicks signal potential absorption at the lows, which could set the stage for higher prices in the coming days, depending on how fundamental headlines evolve.

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