Intraday Crude Oil Forecast (WTI – N5) – May 29, 2025
Crude oil prices (WTI) are consolidating around the $62.00 pivot, a level that serves as the psychological and technical control zone for the session. With energy traders focused on macroeconomic signals, dollar movement, and supply-side headlines (like U.S. inventory reports and OPEC+ commentary), today’s price action may define short-term direction.
Bullish Scenario: Support Holding at $62.00
- Entry Signal: Buy above $62.00
- Upside Targets: $62.95 → $63.40
🔍 Technical Justification:
- RSI: Remains above 55, signaling underlying bullish momentum
- MACD: Bullish histogram widening, indicating continuation potential
- Volume: Increasing volume on dips suggests accumulation
📊 Strategy Insight:
If crude oil sustains above $62.00 and is backed by rising volume, expect a run toward $62.95, with potential follow-through to $63.40. Look for bullish candlestick formations like bullish engulfing or morning star near the pivot.
Bearish Scenario: Breakdown Below $62.00
- Entry Signal: Sell below $62.00
- Downside Targets: $61.50 → $60.95
⚠️ Technical Warning Signs:
- RSI: Bearish divergence forming as price struggles near highs
- MACD: Converging lines suggest weakening upside momentum
- Volume: Weak follow-through could signal a fakeout
📉 Strategy Insight:
A decisive break below $62.00, especially amid bearish catalysts like rising inventories or USD strength, may trigger quick downside pressure toward $61.50, then $60.95. Watch for volume surges and reversal candles like evening stars.
Crude Oil Technical Snapshot – May 29, 2025
| Indicator | Signal |
|---|---|
| Pivot Point | $62.00 |
| RSI | Neutral → Bullish bias |
| MACD | Awaiting crossover confirmation |
| Volume | Sideways – needs confirmation on breakout/breakdown |
Key WTI Crude Oil Price Levels to Watch
- 🔹 Pivot Level: $62.00
- 🔺 Resistance Levels: $62.95, $63.40
- 🔻 Support Levels: $61.50, $60.95
Crude Oil Trading Strategy Tips – May 29, 2025
- Watch the $62.00 Pivot: It’s the directional decision point for today.
- Use Tight Stop-Losses: Especially around the pivot to manage high volatility.
- React to Economic Reports: U.S. crude stockpile data, Fed comments, or OPEC+ updates could trigger sharp moves.
- Position Sizing Matters: Don’t overleverage — oil is highly reactive to global headlines.
- Monitor Geopolitics: Middle East conflicts, Russia-Ukraine tensions, or China-U.S. supply concerns may affect prices.
Frequently Asked Questions (FAQs)
1. Why is the $62.00 level critical for WTI today?
$62.00 acts as both a technical pivot and psychological barrier. It’s where traders are watching for a breakout or breakdown, determining today’s intraday trend.
2. What indicators confirm a bullish move in oil today?
A rising RSI above 60, a widening MACD histogram, and increasing buy-side volume would all confirm bullish continuation.
3. What would signal a bearish reversal below $62.00?
If MACD crosses down and RSI shows divergence, combined with falling volume and negative news, a break below $62.00 could confirm downside.
4. What are the key support and resistance levels to trade today?
Support: $61.50 and $60.95
Resistance: $62.95 and $63.40
5. What economic data could impact crude oil prices today?
Watch for U.S. crude inventory reports, Fed monetary policy statements, and updates from OPEC+ on production strategy.
Disclaimer:
This article is for informational and educational purposes only. It does not constitute financial advice or a recommendation to trade. Trading crude oil and other commodities involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Always perform your own analysis or consult a certified financial advisor before making investment decisions.
