WTI crude oil price eyes breakout as bulls target $68 amid technical tailwinds
WTI crude oil price action builds bullish structure above key Fibonacci levels as breakout nears $68 target
After weeks of subdued trading, WTI crude oil has emerged from a technical bottom and is now pressing against key resistance zones. The commodity, which had slumped to a low of $61.18 earlier this quarter, has since reclaimed the 0.382 Fibonacci level at $64.92 and is currently trading near $65.60. A close above the 0.5 Fib mark at $67.94 would reinforce the recovery trend and bring the next upside target at $70.96 into focus.
Highlights
- WTI crude oil is trading above $65.50 after rebounding from $61.18, reclaiming key Fibonacci levels.
- Daily and 4H charts show a breakout is developing above $66.10, with momentum turning decisively bullish.
- EMA cluster and MACD suggest continued strength, though resistance near $70.96 may cap near-term gains.
The daily chart reflects a pivotal moment in WTI's trajectory as it approaches the descending trendline from March highs. A breakout above $66 would mark a structural reversal after a multi-month downtrend and could trigger follow-through buying toward the $70–$72 band.
USOIL price dynamics (Source: TradingView)
Meanwhile, support at $62.50–$63 remains critical. This re-accumulation zone, tested throughout May and early June, now serves as the floor for this rally attempt.
Intraday indicators confirm bullish momentum
Shorter timeframes provide further support for the bullish case. On the 4-hour and 30-minute charts, oil has formed a sequence of higher highs and higher lows, with price holding firm above $65 and testing resistance near $66.10. Momentum indicators including the RSI (currently 63.43) and MACD are turning positive, indicating further upside potential. EMA alignments across 20, 50, 100, and 200 periods also remain bullish, while the Bollinger Bands on the 4-hour chart suggest a volatility expansion is underway.
As discussed in our previous WTI crude oil coverage, the broader structure remains intact as long as price holds above the $62.50–$64 zone. A confirmed break above $66.10 could unlock upside toward $68.00 and the Fibonacci target at $70.96. However, if resistance holds, a retest of the $64.75 area could offer an entry point for buyers awaiting confirmation.
