Crude Oil Bounces Back Above Key Support
Crude Oil (WTI) is showing signs of recovery on June 17, 2025, as prices bounce from key technical support at $69.30. After recent bearish momentum driven by global supply concerns and macroeconomic pressures, today’s price action reveals a possible short-term bullish trend, supported by improving sentiment and a mixed-to-bullish RSI signal.
This analysis explores the intraday trading outlook for WTI crude oil, including pivot strategies, RSI interpretations, key levels, and actionable trade setups for traders.
Intraday Technical Setup: Crude Oil (WTI)
- Pivot Point: $69.30
- RSI Signal: Mixed to bullish, hovering above the neutral 50 line
Preferred Scenario: Long Positions
- Entry Point: Above $69.30
- Target 1: $72.50
- Target 2: $73.80
Alternative Scenario: Short Positions
- Entry Point: Below $69.30
- Target 1: $67.85
- Target 2: $66.50
RSI and Momentum Analysis
The Relative Strength Index (RSI) is currently positioned in neutral-to-bullish territory, suggesting the bearish pressure has eased. A sustained RSI above 50 could confirm renewed buyer control, supporting a move towards the $72.50 and $73.80 resistance levels.
Traders should monitor RSI momentum closely for signs of acceleration, especially near the $71.50-$72.00 zone, which may act as a psychological threshold.
Key Support and Resistance Levels
Support Zones:
- Primary Support: $69.30 (pivot)
- Extended Support: $67.85 and $66.50
Resistance Zones:
- Immediate Resistance: $72.50
- Strong Resistance: $73.80
The $69.30 pivot marks a critical inflection point for intraday direction. Holding above this level could shift the narrative in favor of the bulls, while a drop below it would expose the commodity to renewed selling pressure.
Candlestick and Price Action Overview
- Price Trend: Potential bullish reversal from oversold conditions
- Candlestick Pattern: Hammer-like structure near $69.30 support
- Moving Averages: Price testing above the 20-period moving average on the 1H chart
A bullish engulfing candle on the 30-minute chart signals buyer interest. Continuation above $70.50 could trigger a more aggressive buying spree, particularly if accompanied by rising volume.
Fundamental Factors Impacting Oil Today
- Geopolitical Tensions: Middle East supply concerns create a bullish bias
- U.S. Inventory Data: A surprise draw in crude stocks can add upside fuel
- OPEC+ Output Strategy: Market awaits comments on potential production adjustments
- Global Economic Sentiment: Slower inflation data in the U.S. boosts demand recovery hopes
Trading Strategy and Tips for June 17, 2025
- Entry Confirmation: Wait for a strong hourly close above $70.00 for aggressive longs
- Risk Management: Initial stop-loss at $68.90, trailing higher as price advances
- Volume Watch: Monitor trade volume near resistance levels for breakout confirmation
- Use RSI with MACD: Combining RSI with MACD crossovers can refine trade signals
Frequently Asked Questions (FAQs)
Q1: What is today’s pivot level for Crude Oil?
A1: $69.30 is the key intraday pivot for WTI.
Q2: Is crude oil expected to rise or fall today?
A2: Current signals suggest bullish potential above $69.30 with targets at $72.50 and $73.80.
Q3: What does the RSI indicate today?
A3: RSI is mixed-to-bullish, indicating fading bearish pressure and possible price rebound.
Q4: What would invalidate the bullish scenario?
A4: A break and sustained move below $69.30 would negate bullish potential and shift focus to $67.85.
Q5: What major news should oil traders watch?
A5: Watch U.S. crude inventory reports, OPEC+ comments, and any major geopolitical developments.
Q6: Is WTI crude a good buy today?
A6: If price sustains above $69.30 with confirming technical signals, long positions may be favorable.
Q7: What is the best chart to use for intraday oil trading?
A7: The 1-hour chart provides a good blend of trend clarity and trade timing.
Disclaimer:
This analysis is for informational and educational purposes only. It is not investment advice. Trading crude oil and other commodities carries high risk and may not be suitable for all investors. Always perform your own research or consult with a financial advisor before making trading decisions.
