Technical Analysis for WTI Crude Oil – Testing $65 | April 23, 2025

WTI crude oil continues its corrective upward movement, approaching a key resistance area near $65.50 after a sharp recovery from this month’s lows. Technical momentum on the H4 timeframe is beginning to build, showing signs of a continued upward trend unless sudden selling pressure emerges.

Market Movement at a Glance

• Current Price: $64.64 per barrel
• General Trend: Upward (Recovery from the Bottom)
• Key Resistance: 65.54 – 66.64
• Key Support: 62.11 – 63.95

Steady Gradual Rise

Accelerating Technical Momentum Supported by Indicators

Direct Test of a Double Resistance Zone

Technical Analysis for WTI Crude Oil

General Trend:

The market is moving within a corrective ascending channel after the sharp collapse in early April. It managed to surpass the 63.00 and 64.00 levels with a positive close, enhancing the possibility of targeting 65.50 as the next resistance level.

Technical Indicators:

• MACD: In the positive zone, reflecting accelerating upward momentum.
• Stochastic Oscillator: In the overbought zone (>80), which may herald a temporary technical correction or a slowdown in momentum before the upward trend continues.
• Moving Averages: The price is above the 20, 50, and 100 moving averages, supporting a positive outlook provided it holds above 63.90.

Technical Outlook for Today

Positive Scenario:

If the price stabilizes above 64.20, targeting 65.54 appears likely, and a breakout could extend the upward trend toward 66.64.

Negative Scenario:

If the breakout fails and selling pressure emerges, the price may decline to test the 63.95 support level, which would be crucial in maintaining the positive trend.

Trading strategies based on Buy/Sell level

The current chart for crude oil reflects increased buying power, but it is entering a critical resistance zone that requires additional momentum to break through. If this breakout succeeds, the door will be open for further gains toward $67.