Crude oil is currently trading around the $60.00 level, consolidating after a recent bearish phase. Price has respected the support zone near $59.50–59.80, forming a potential accumulation base.
A descending trendline is acting as dynamic resistance, while the 50-period moving average is flattening—indicating that bearish momentum is losing strength.
The projection suggests a possible breakout above the trendline, followed by a retest of the breakout zone before a potential rally toward the $62.00–62.50 area.
As long as the price holds above the support zone, the bullish scenario remains valid. A breakdown below $59.50 would invalidate this setup.
A descending trendline is acting as dynamic resistance, while the 50-period moving average is flattening—indicating that bearish momentum is losing strength.
The projection suggests a possible breakout above the trendline, followed by a retest of the breakout zone before a potential rally toward the $62.00–62.50 area.
As long as the price holds above the support zone, the bullish scenario remains valid. A breakdown below $59.50 would invalidate this setup.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.