Crude oil remains locked in a resilient sideways range, with strong support between $55 and $58, and a key resistance zone between $63 and $65. Momentum indicators are mixed:
• Daily RSI remains neutral, allowing for both bullish and bearish scenarios.
• Weekly RSI shows a clean bounce from 2020 extremes, suggesting underlying bullish potential.
Scenarios to Watch
Bullish Scenario:
A sustained move above $63.80–$65 could pave the way for gains toward $66.90, $69.20, and $71.
Bearish Scenario:
A decisive break below $58 would expose downside risk toward $56.70 and $55. In the case of extreme market turbulence, further losses toward $49 remain possible—potentially setting up for a new long-term bullish positioning.
- Razan Hilal, CMT
• Daily RSI remains neutral, allowing for both bullish and bearish scenarios.
• Weekly RSI shows a clean bounce from 2020 extremes, suggesting underlying bullish potential.
Scenarios to Watch
Bullish Scenario:
A sustained move above $63.80–$65 could pave the way for gains toward $66.90, $69.20, and $71.
Bearish Scenario:
A decisive break below $58 would expose downside risk toward $56.70 and $55. In the case of extreme market turbulence, further losses toward $49 remain possible—potentially setting up for a new long-term bullish positioning.
- Razan Hilal, CMT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.