WTI crude oil price rallies toward $64.50 as breakout from triangle redefines trend outlook
WTI crude oil tests $64.50 resistance as momentum indicators remain in bullish territory
WTI crude oil surged more than 5% on June 2, reaching an intraday high of $63.84 as a wave of buying pressure pushed prices above key resistance levels. The rally marks a decisive breakout from the $60–$61.50 accumulation range that had capped upside momentum in recent weeks.
Key highlights
- WTI crude oil surged above $63 after defending the $60 base and breaking past key resistance levels.
- Price now tests the $64.50–$65 zone, aligning with major Fibonacci retracement and trendline resistance.
- Momentum indicators suggest bullish continuation, though short-term overbought signals raise caution.
The move now positions WTI to retest major structural resistance near $64.50, where both daily and Fibonacci levels converge.
Momentum builds as oil tests trendline and Fibonacci cluster
On the daily chart, WTI has broken out of a descending triangle and is approaching the $64–$65 resistance zone, which aligns with the 0.382 Fibonacci retracement ($64.92) from the November 2024 peak. A close above this zone would confirm a significant technical shift and expose $67.10 and $70.96 as upside targets.
USOIL price forecast (Source: TradingView)
The 4-hour chart shows price action above all major EMAs, with Bollinger Bands expanding, indicating strong momentum. The 30-minute chart confirms this rally was driven by aggressive buying above $60.50, with the Chande Momentum Oscillator holding near 59. RSI and MACD remain in bullish alignment, though the RSI’s reading of 77.02 and Stochastic RSI at 90.04 suggest a potential pause or consolidation before further gains.
Confluence of indicators supports further upside but risks remain
Ichimoku Cloud on lower timeframes shows a clear bullish structure, with price above the cloud and supportive future spans. The MACD histogram continues to expand, validating the momentum breakout. While these indicators point to bullish continuation, overbought readings may lead to a retest of support near $62.50–$63.
Looking ahead to June 3, the immediate focus remains on whether WTI can secure a close above the $64.50–$65 zone. If successful, the path opens toward $67.10 and the medium-term target at $70.96. A failure to hold $62.50 could bring the price back toward $61.20 or even $60, where historical demand remains strong.
In prior sessions, WTI crude oil was consolidating between $60 and $61.50, awaiting a breakout trigger. That move has now materialized with a vertical push to $63.84. As noted before, a close above $65 is required to confirm a medium-term trend reversal, with $67.10 and $70.96 as the next bullish targets.
