Crude Oil Price Technical Analysis

Crude oil prices are rising but face strong resistance at $62, with analysts eyeing signs of exhaustion for potential downside amid skepticism over sanctions impact.

Crude oil soared 6% on Thursday following new Russian sanctions, but analysts caution that strong resistance near $62.50 may cap further gains unless follow-through buying emerges.

Crude oil prices are attempting to form a bottom near $55, with technical signs hinting at a short-term bounce within a $55–$60 trading range.

Crude oil prices continued to drop on Friday, with heavy selling pressure threatening the critical $55 support as oversupply concerns dominate the market.

The light sweet crude oil market has been bullish during the trading session here on Monday as we continue to see a lot of volatility. Of course, some of that selling on Friday would have been fear over the U.S. Chinese trade situation and the tensions picking up. Now that it seems like it's abating a bit, it does make a certain amount of sense that we rally in order to get a bit of a relief rally.

Crude oil declined on Thursday amid oversupply concerns and a strengthening US dollar, with traders watching key support near the $60 level for direction.

The crude oil market has fallen during the early hours on the Tuesday session, only to turn around and show signs of life. It’s worth noting that we are sitting just below the $62 level, which is an area that’s been important multiple times. In fact, the $62 level is the top of an overall support range that drops down to the $60 level. We did touch that $60 level, but now it looks like we are trying to reiterate that important. If we can break out to the upside, that would be an even more bullish sign, but I think over the next couple of sessions, we may see some problems.

The Light Sweet Crude Oil market initially tried to rally during the trading session on Wednesday but then gave back the gains to start falling rather drastically. We have slammed into the $62 level, an area that has been support for quite a while, extending all the way down to the $60 level. This is a huge “zone of support” that continues to support the market, but we also have to ask questions about whether or not the demand for crude oil will start to pick up, or if the supply will just simply overwhelm it?

Crude oil is testing the $66 resistance zone, with bulls eyeing a move toward $70 while risks of a breakdown could drag prices back to $62.

Crude oil rallied above the 50-Day EMA on Wednesday, but faces major resistance at $65–$66, leaving the market in a range until a breakout decides the next move.

The light sweet crude oil market initially pulled back just a bit to test the $62 level, a level that's been important for several weeks. If the market were to break down below there, then we could open up the possibility of a move all the way down to the $60 level. But I think right now we're basically in a range of support underneath that could continue to offer a floor in the markets at the moment.

WTI crude oil continues to trade within a tight $62–$65 range, with the Fed decision set to drive the next breakout or pullback.

Crude oil steadies around $62 support, with resistance at $65, as traders balance oversupply pressures against slowing global demand.

Crude oil remains rangebound with $62 acting as key support and $67 as resistance, as oversupply and weakening demand limit upside potential.

WTI crude oil is attempting a rebound but remains capped under $66, with strong supply pressures keeping the market in a potential “sell the rips” environment.