WTI crude oil price struggles at $67 with upside momentum running dry
WTI crude oil holds triangle support but struggles to build momentum above $67
WTI crude oil (USOIL) is trading near $66.32 on July 4 after failing to hold above the $67 level. The price remains trapped within a broad symmetrical triangle pattern formed by an ascending trendline from May 2025 and a descending trendline from October 2023.
Highlights
- WTI crude trades at $66.32, holding above 100 EMA after rejecting from $67
- Symmetrical triangle structure still active, with resistance near $70–$72 remaining intact
- DMI and momentum indicators show low conviction, keeping the short-term trend neutral
While support levels have so far held, upside attempts have repeatedly faltered near long-standing resistance zones.
Support tests continue amid fading momentum
Price action remains compressed within the triangle as oil fails to break above the $70 barrier. The recent rejection from $67 coincided with a lack of follow-through despite holding above the 100 EMA at $66.14 and the middle Bollinger Band at $66.34. A close below $65.90 would weaken the structure and increase the risk of a decline toward the $63–$60 zone.
WTI crude oil price dynamics (Source: TradingView)
The DMI on the daily chart signals a non-trending environment, with ADX below 20 and DI lines nearly converged. Meanwhile, RSI on lower timeframes is hovering near 41, and MACD remains in bearish posture. These conditions support a sideways or slightly bearish bias unless volume shifts decisively.
Liquidity zones point to capped upside
WTI has failed to sustain above the bearish order block between $74.50 and $78.50, with each rally into this area met with supply. Price is now consolidating within the $66–$67 pocket. Liquidity from earlier sweeps above $78 was rejected quickly, and unless bulls regain ground above $70, the structure may remain vulnerable.
In previous WTI coverage, we highlighted the significance of the ascending trendline from May and noted that price needed to hold above $66 to sustain bullish structure. That view remains relevant, as oil now tests this zone again. A confirmed move above $70 remains the key to shifting sentiment toward the $74–$78 band.
