Crude Oil Technical Analysis - We are still stuck in a range

Basic overview

The fundamentals of the oil market have not changed much. The price action remains limited in an area between the resistance 72.00 and support 67.00 as the market continues to measure the future conditions.

On one hand, we have Trump's influence which could be seen as bearish for fear of tariffs and a slowdown in global growth as other countries could retaliate. You can also consider a possible increase in supply and a geopolitical price reduction by the Trump administration.

On the other hand, we may have an increase in global growth expectations due to global central bank easing, Trump's growth policies and recently Chinese officials promising much more on the monetary and fiscal policy side.

Crude Oil Technical Analysis – Daily Chart

Crude oil per day

On the daily chart, we see that crude oil continues to trade in a range between the against around the 72.00 handle and the support around the 67.00 handle. The buyers will want to see the price break higher to increase the bullish bids into the 78.00 handle next, while the sellers will look for a lower break to extend the fall into range. prices 63.00.

Crude Oil Technical Analysis – Timetable 4 hours

Crude oil 4 hours

On the 4 hour chart, we can see that the price action within the range is a nightmare. It has been all over the place without providing any clear technical level where to proceed. The best strategy here is to just sit on your hands and wait for a breakout or strong tool.

Crude Oil Technical Analysis – 1 Hour Schedule

Crude oil 1 hour

On the 1 hour chart, we can see that we have a small support zone around the 69.20 level where the price has been rejected several times in the past weeks. This could contribute as a kind of barometer for short-term sentiment with the price staying above the zone more stable and lower than being more bearish. The red lines define the average daily range for today.