WTI oil price trades near $63 as breakout pressure builds within descending wedge
Crude oil consolidates between $62 and $63.50 as traders await a breakout trigger
WTI crude oil traded near $62.93 on June 5, reflecting a cautious yet steady rebound from earlier lows. The commodity has been locked in a narrow consolidation range between $62 and $63.50 over the past few sessions, with price action hinting at building pressure within a broader falling wedge structure.
Key highlights
- WTI crude oil price today is $62.93, holding above key moving average support zones near $62.
- Price remains capped beneath $63.50 as buyers struggle to break short-term resistance.
- A breakout above $66.56 could signal a wider rally toward $68–$70, pending macro catalysts.
Market participants appear to be awaiting a breakout trigger, with technical indicators and key levels offering mixed signals ahead of June 6.
Technical levels compress as buyers test upper wedge band
The 4-hour chart shows WTI hovering above its 100-EMA and 200-EMA near $62.26 and $62.12 respectively, forming a stable short-term base. The price recently rebounded from the $61.60 support region and is now testing the midline of the Bollinger Bands. Resistance remains firm at $63.50, with previous attempts to break that level forming rejection candles—signaling supply dominance in the short term.
USOIL price dynamics (Source: TradingView)
On the daily chart, crude oil remains confined within a descending wedge, with the upper trendline intersecting at the $66.56 resistance zone. While this zone represents a key technical ceiling, a daily close above it would mark a breakout from the wedge and could open the door for an advance toward $68 or $70.
Momentum signals show equilibrium with bullish tilt
Intraday momentum indicators show mixed sentiment. The 30-minute RSI reads 54.97, reflecting a neutral stance but slight recovery. MACD has turned mildly bullish, while Stochastic RSI is approaching overbought levels. The Ichimoku Cloud signals indecision, with price hovering just above the cloud and both Senkou Span A and B remaining flat.
For June 6, traders will watch whether crude oil can maintain support above $62.00 and challenge $63.50 resistance. A breakout could push price toward $64.40 and higher, while failure may trigger a retest of $61.60 or even $60.18.
In previous updates, we emphasized that WTI remains stuck within a larger descending pattern, with $66.56 acting as the pivotal breakout point. That level continues to serve as the key threshold for any bullish breakout in the current structure.
