Technical Analysis: Crude Oil Futures (CL) – Daily Chart (as of June 27, 2025)

Crude oil has been exhibiting a more nuanced and potentially volatile picture compared to the indices. As of Friday, June 27, 2025, crude oil (WTI) futures settled around $65.52 per barrel.

Overall Trend and Price Action:

• Crude oil has been in a consolidation or bearish correctional phase over recent days and weeks, particularly after earlier attempts to stabilize. There are mixed signals depending on the short-term versus medium-term view.
• Some analyses noted a slight decline in the last intraday trading session on Friday, amid the formation of negative technical patterns.
• However, the long-term perspective shows that it’s still operating within a broader bullish background trend, even with short-term relapses. The general range for WTI seems to be between $65-$85 in recent months, with prices pulling back from earlier highs.
• Earlier in the week (around June 24), prices had tumbled back to “pre-conflict” levels, suggesting geopolitical risk premium had faded, but later in the week, it attempted to recover.

Key Levels (Support & Resistance):

• Immediate Resistance: Resistance levels are noted around $67.00-$68.00, which would need to be cleared for a more definitive bullish shift.
• Immediate Support:
  • The $65.00 level is acting as a pivot or immediate support.
  • Further support can be found around $64.70 – $64.90.
• Stronger Support: Key long-term support levels that, if broken, could signal a more significant downtrend, were cited earlier around $60.00 or lower.
• Previous Highs/Potential Targets: Some longer-term analyses, from earlier in the year, spoke of targets like $80-$85, but current price action is well below those.

Moving Averages:

• There’s a mixed picture across different timeframes for moving averages. Some indicate “Strong Sell” signals based on moving averages on June 27, implying that current prices are below key moving averages, reinforcing a bearish bias.
• For instance, the 5-day moving average was around $65.71, slightly above Friday’s close, suggesting short-term downward pressure. The 20-day MA was around $66.21.
• The 50-day MA was around $62.70, while the 200-day MA was around $66.70. The interaction of current price with these longer-term averages will be crucial for determining the underlying trend strength.

Technical Indicators:

• RSI (Relative Strength Index): The 14-day RSI was around 43.073 (as of June 27), which is in neutral to bearish territory, not indicating overbought or oversold extremes, but leaning away from bullish momentum.
• Stochastics (9,6): Around 32.01 (as of June 27), also in neutral to bearish territory, not signaling oversold conditions yet.
• MACD (Moving Average Convergence Divergence): Indicating a “Sell” signal (e.g., -0.06 as of June 27), suggesting bearish momentum.
• ATR (Average True Range): Noted around 0.425, indicating “High Volatility” in some readings, which is common in commodity markets.

Chart Patterns (Based on textual descriptions):

• A “flag pattern” was mentioned as forming on intraday levels, suggesting a bearish correctional trend.
• Some analyses also alluded to a “tight sideways range trading,” implying a period of consolidation.
• Earlier in the week, there were discussions of a potential retest of the daily 20EMA (around $80.64) and a “bull channel trend line,” but price action has since moved lower.

Outlook and Key Considerations:

• Geo-political Factors: Middle East tensions and OPEC+ decisions continue to be major drivers. Recent news suggests that OPEC+ might be ready to boost production in August, which could exert downward pressure on prices.
• Supply/Demand Dynamics: Weekly inventory reports (API and EIA) have been influential. A larger-than-expected build in US crude oil stocks could pressure prices.
• Economic Outlook: Global economic growth forecasts from major economies like the US and China will continue to impact demand expectations.
• Volatility: Crude oil remains a volatile asset, susceptible to rapid shifts based on news and inventory data.

Summary: Crude Oil futures appear to be in a corrective or consolidating phase as of June 28, 2025. While there’s a broad bullish background, short-term momentum indicators and patterns suggest downward pressure or a sideways range. Key will be its reaction to the $65 support area and any fresh news regarding supply or global demand.