On the weekly chart, crude oil trades above the mid-range of a descending channel that has been in place since the 2022 highs. The RSI remains just below the neutral zone, suggesting a cautiously bullish-to-neutral outlook while prices hover near the $65 resistance level.
From a daily perspective, oil prices are breaking out above the $65 resistance, and a firm hold could pave the way toward $66 and potentially retest the $71 and $73 levels.
On the downside, the psychological support at $60 remains critical. A break below $60—and more critically, below the $58 moving average—could reintroduce long term bullish positioning from $55 and $49.
- Razan Hilal, CMT
From a daily perspective, oil prices are breaking out above the $65 resistance, and a firm hold could pave the way toward $66 and potentially retest the $71 and $73 levels.
On the downside, the psychological support at $60 remains critical. A break below $60—and more critically, below the $58 moving average—could reintroduce long term bullish positioning from $55 and $49.
- Razan Hilal, CMT
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