From a weekly time frame perspective, oil prices have continued to respect the boundaries of a declining channel since the 2022 highs, reaching three-year lows in 2025, in alignment with the long-standing support zone between $64 and $66 that has held since 2021.
After recently rebounding from the $65 level, a decisive close below $63.80 would confirm further downside potential, opening the way toward key support levels at $60, $55, and, in more extreme scenarios, $49.
If the support zone holds, resistance levels within the declining channel may come into play at $70.80, $72.60, $74.30, and $76. A breakout above the channel’s upper boundary and a sustained hold above $78 could shift the outlook to bullish, with potential resistance at $80, $84, $89, and the $93–$95 range.
Despite a complex mix of OPEC quotas, U.S. policy shifts, Chinese economic dynamics, global growth uncertainty, renewable energy demand, and escalating geopolitical tensions, oil remains bearish and range-bound—awaiting a decisive breakout.
Written by Razan Hilal, CMT
After recently rebounding from the $65 level, a decisive close below $63.80 would confirm further downside potential, opening the way toward key support levels at $60, $55, and, in more extreme scenarios, $49.
If the support zone holds, resistance levels within the declining channel may come into play at $70.80, $72.60, $74.30, and $76. A breakout above the channel’s upper boundary and a sustained hold above $78 could shift the outlook to bullish, with potential resistance at $80, $84, $89, and the $93–$95 range.
Despite a complex mix of OPEC quotas, U.S. policy shifts, Chinese economic dynamics, global growth uncertainty, renewable energy demand, and escalating geopolitical tensions, oil remains bearish and range-bound—awaiting a decisive breakout.
Written by Razan Hilal, CMT
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.