Crude Oil technical analysis Today. Oil has been trading within a narrow range since the beginning of the week, fluctuating between the 60.47 support area and the 62.85 pivotal resistance area, reflecting a state of anticipation ahead of the release of influential US data. The overall trend remains uncertain in the short term, but recent formations on the hourly (H1) chart reveal attempts at buying pressure to return to the upward trend.
Crude Oil Technical Analysis Today: General Technical Outlook
The H1 chart shows a consolidation range pattern with a slight upward bias above the moving averages, especially after failed attempts to break below 60.47. The price is currently trading around 61.09 after a strong rebound from support.
Technical Indicator Analysis:
- MACD: Showing emerging bullish signals after a positive crossover, with negative momentum gradually fading.
- The Stochastic Oscillator: has breached the oversold zone and begun to rise, supporting the chances of a continued upward correction.
- Moving Averages: The 50- and 100-day moving averages are stabilizing, but the price has returned above the 20-day moving average, which is a positive initial signal.
Crude Oil technical analysis : Expected Scenarios
Bullish Scenario:
- If the price can stabilize above 61.69, we may witness an attempt to rise towards 62.27 and then towards the most important resistance, 62.85.
- Breaking above 62.85 and holding above it will restore upward momentum towards 63.33 and possibly 64.00 in the coming sessions.
- Resistance Levels: 61.69, 62.27, 62.85, 63.33
Bearish Scenario:
- Oil’s failure to surpass 61.69, coupled with weak momentum, may push the price back towards the support level of 61.20 and then towards 60.93.
- A break of 60.47 is considered very negative and opens the door to a decline to 59.70 or even 58.90.
- Support Levels: 61.20, 60.93, 60.47
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 61.30 | 59.68 |
| Target Point 1 (TP1) | First resistance: 61.06 | First support: 58.89 |
| Target Point 2 (TP2) | Second resistance: 62.00 | Second support: 57.90 |
| Stop Loss (SL) | 59.68 | 61.30 |
Crude oil is currently consolidating in a critical technical range between 60.47 and 62.85, and technical indicators are showing early signs of a corrective uptrend. However, a positive scenario will remain contingent on a break of 62.85, a hurdle the market failed to clear last week. If this attempt fails, the possibility of a return to the downward trajectory remains, especially with the approach of US data that could affect market sentiment.
Impactful Economic News Today – Friday, May 23, 2025:
- United States:
- Manufacturing and Services PMI Data
- These data directly impact oil demand forecasts, and any reading below expectations could lead to a price decline due to concerns about slowing growth.
