WTI crude oil price breaks out above $67.50 with bullish trend gaining momentum
WTI crude oil (USOIL) has staged a strong breakout from its multi-month range, climbing past a key resistance cluster and reinforcing a medium-term bullish shift. As of June 12, WTI is trading above $67.50 after clearing the 0.382 Fibonacci retracement level at $64.92 on the weekly chart.
Key highlights
- WTI trades above $67.50, having cleared the $64.92 Fibonacci level
- Daily breakout confirmed above descending trendline and horizontal resistance at $65.65
- Momentum cooling short term, but broader trend supports upside toward $70.96
This rally builds on the April–May double-bottom base near $61 and sets up further upside toward the next Fib targets at $70.96 and $75.25. The bullish continuation is supported across multiple timeframes.
USOIL price dynamics (Source: TradingView)
On the daily chart, WTI has broken decisively above a descending trendline and horizontal resistance at $65.65, now flipped into support. Price remains above all major EMAs, and the Bollinger Bands on the 4-hour chart are widening sharply, confirming increased volatility. As long as WTI holds above $63–$64, the technical structure favors buyers.
Short-term consolidation may follow breakout
On the 4-hour chart, price is slightly below the upper Bollinger Band after breaching the 20/50/100/200 EMA cluster, suggesting short-term overextension. Support now rests at $66–$65 a zone aligned with previous breakout levels and the 50 EMA. The 30-minute chart shows early signs of cooling momentum. RSI has dropped to 46.64 from overbought levels, and MACD is flattening with a potential bearish crossover in progress. These developments hint at a possible pause or shallow pullback before another leg higher.
Overall, the technical setup signals a trend transition with clear bullish intent. As long as the price remains above $63, further upside toward $70.96 remains a viable scenario. However, traders should be prepared for minor corrections as momentum indicators unwind and the market digests recent gains.
In prior USOIL analysis, we identified the $64.92 Fibonacci retracement and $65.65 horizontal resistance as pivotal levels for trend confirmation. With those zones now broken, WTI is entering a bullish continuation phase, provided it holds above structural support at $63.00.
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