U.S. crude oil prices bounced higher after hitting its April lows near $55.00.
Will the Black Crack find enough bullish momentum to bust through the closest key resistance zone?
We’re checkin’ out the daily time frame, yo!
WTI Crude Oil (USOIL) Daily Chart by TradingView
If you were too busy judging the 2025 Met Gala outfits in your pajamas, here’s what you missed: crude oil prices gapped lower to start the week after OPEC+ surprised markets with plans to raise output in June.
The drop didn’t last long, though. Hopes for improved global trade and a weaker U.S. dollar gave WTI crude some lift, helping it rebound from its lows.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on WTI crude oil and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
USOIL has now jumped to $58.00, forming a Double Bottom pattern with the $55.00 April and May’s lows.
Traders bullish on oil and bearish on the dollar may see the bounce as an opportunity to target the next key resistance near $64.00, where the Pivot Point and psychological level form the neckline of a possible Double Bottom pattern.
But if Monday’s bounce fades and last week’s bearish momentum returns, a break and sustained trading below $55.00 could open the door to the $51.47 Pivot Point—or even the big $50.00 handle.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!