Crude Oil Price Forecast – May 29, 2025
WTI (N5) Intraday Overview: Watch $63.05
Crude oil prices (WTI) are showing signs of bullish continuation as they hover around a critical pivot at $61.70. Traders should keep a close eye on price action at this level, which could determine whether bulls regain control or sellers step back in.
🔍 Technical Setup
- Pivot Point: $61.70
- RSI: Momentum is bullish and trending higher, signaling potential upside.
- MACD: Awaiting confirmation of continuation. Watch for bullish histogram expansion.
- Volume: Neutral, but a spike may confirm the next direction.
✅ Preferred Scenario: Bullish Setup
- Entry: Long above $61.70
- Target 1: $63.05
- Target 2: $63.70
Insight:
The RSI is climbing, suggesting growing momentum. A firm break and hold above $61.70 could open the door to a retest of $63.05, with further extension possible toward $63.70. Volume confirmation would strengthen the trade.
❌ Alternative Scenario: Bearish Breakdown
- Entry: Short below $61.70
- Target 1: $60.95
- Target 2: $60.20
Risk Insight:
Failure to hold above the pivot may lead to renewed selling pressure. A drop below $61.70, combined with weakening RSI or negative macroeconomic catalysts, could lead to a quick test of the lower support zones.
Key Crude Oil Levels to Watch (May 29, 2025)
| Type | Price Level |
|---|---|
| 🔹 Pivot | $61.70 |
| ⬆️ Resistance | $63.05, $63.70 |
| ⬇️ Support | $60.95, $60.20 |
Trading Tips for Today
- 🛡️ Use tight stop-losses near pivot zones to limit risk.
- 🧭 Monitor volume surges for breakout confirmation.
- 📅 Keep an eye on U.S. inventory data and OPEC-related news.
- 🌐 Watch geopolitical tensions and supply chain developments.
Frequently Asked Questions (FAQs)
Q1: What is the key level to watch for crude oil today?
A: The pivotal level is $61.70. Above this, the bias turns bullish with potential for $63.70.
Q2: Is crude oil bullish or bearish for May 29, 2025?
A: Currently, the setup favors a bullish outlook above the $61.70 pivot based on RSI and price structure.
Q3: What can trigger a breakout or breakdown in oil?
A: Volume spikes, inventory reports, dollar strength/weakness, and geopolitical news can be catalysts.
Q4: Should I trade crude oil intraday?
A: If you’re an active trader, today’s setup around the $61.70 pivot offers clear scenarios with defined risk.
Q5: What indicators confirm the trade setup?
A: RSI and MACD provide momentum insights; volume confirms breakout strength.
Disclaimer:
This article is for informational and educational purposes only and does not constitute investment advice. Trading crude oil and other commodities involves significant risk and may not be suitable for all investors. Always perform your own due diligence and consult a certified financial advisor before making trading decisions. Past performance is not indicative of future results.
