Crude oil has continued its gradual upward trend over recent days, supported by technical consolidation above the 60.76 level, currently approaching a key resistance level around 64.83. This upward trend coincides with improved technical momentum indicators and market stability, which makes it important to remain vigilant before any decisive breakout.
Price Action Overview
- Current Price: 63.00
- General Trend: Upward in the Short Term
- Current Highest Resistance: 64.83
- Key Support: 61.60
Crude oil has successfully maintained its trading above its moving averages and is now approaching strong technical resistance at 64.83, a crucial point in determining whether the price will continue its upward trend or witness a new correction.
Detailed Technical Analysis
Technical Indicators:
- MACD: Positive with a clearly rising, indicating continued momentum.
- Stochastic: It is currently moving in the overbought zone (>75), which calls for caution regarding the possibility of a short technical correction.
Technical Outlook for Today – Possible Scenarios
Positive Scenario (Probable):
- Continued upward momentum and a break of 64.83 will push the price to test the 66.00 and 67.00 areas.
Negative Scenario (Corrective):
- If the price fails to exceed 64.83, with negative momentum returning, oil may decline to 61.60 or even 60.76.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 63.79 | 61.60 |
| Target Point 1 (TP1) | First resistance: 64.83 | First support: 60.76 |
| Target Point 2 (TP2) | Second resistance: 65.60 | Second support: 60.20 |
| Stop Loss (SL) | 61.60 | 63.79 |
WTI crude oil is showing bullish technical signals, but it is currently facing a key technical resistance. A break below this resistance will open the way for further gains, while any rebound below 61.60 could weaken the current momentum. It is best to wait for a confirmed break before taking new positions.
