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Crude oil is trading near 62.45 on the daily chart, attempting to stabilize after rebounding from recent local highs. Price action remains confined between the 0.5 Fibonacci midpoint at 60.730 and the 0.786 level at 64.020, reflecting a neutral-to-cautious technical stance. Upside focus remains on the equilibrium zone between 65.72 and 66.84, where a breakout could open the path toward the primary bearish order block near 68.45–70.51. On the downside, failure to sustain momentum may trigger a pullback toward bullish order blocks, with long-term support holding near the 57.69 Fibonacci level.
Technically, on the daily timeframe, oil is trading at 62.45, attempting to stabilize after finding support following the recent reversal from the local high. The price is seeking a recovery and a return to relatively higher levels, currently positioned between the 0.5 Fibonacci midpoint at 60.730 and the 0.786 Fibonacci level at 64.020.
Crude oil is attempting to stabilize, but price direction remains highly dependent on whether buyers can reclaim the upper equilibrium zone or risk a deeper pullback toward key support levels.
On the upside, attention remains focused on the equilibrium zone between 65.72 and 66.84. A breakout above this area could shift the focus to the primary bearish order block (-OB) between 68.45 and 70.51, which coincides with the 1.272 Fibonacci extension level at 69.610. Conversely, if buyers fail to maintain momentum, oil is expected to retreat back to the upper bullish order block (+OB) zone between 58.53 and 60.51.
The support floor remains the lower bullish order block (+OB) zone between 55.76 and 57.17, which aligns with the 0.236 Fibonacci level at 57.690, where buyers are expected to defend the long-term trend.
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Samer Hasn
FX Analyst
Samer has a Bachelor Degree in economics with the specialization of banking and insurance. He is a senior market analyst at XS.com and focuses his research on currency, bond and cryptocurrency markets. He also prepares detailed written educational lessons related to various asset classes and trading strategies.
This written/visual material is comprised of personal opinions and ideas and may not reflect those of the Company. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. XS, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same. Our platform may not offer all the products or services mentioned.
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