Oil Attempts to Carve Out a Bottom 28/10/2025

U.S. crude remains in a broader uptrend but is seeing near-term selling pressure after probing the $62.00 psychological barrier.

Technical outlook

• SMAs (H4) continue to slope higher and sit beneath price, acting as dynamic support.
• RSI holds in constructive territory, consistent with base-building rather than trend reversal.

Base case (favored)
As long as 60.80 holds, the path of least resistance is higher. A clean reclaim and hold above 61.75 should re-ignite upside momentum toward 61.90, then 62.70.

Alternative case (pullback risk)
An hourly close below 60.80 would likely trigger a deeper dip toward 60.50, where buyers will be tested again.

Key levels

• Support: 60.80; 60.50
• Resistance: 61.75; 61.90; 62.00 (psych.); 62.70

Risk note
Volatility remains elevated amid trade and geopolitical headlines. Multiple scenarios are possible. This commentary is for information only and is not investment advice.

Trading in CFDs involves high risk, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.

S1: 60.50	R1: 61.90
S2: 59.85	R2: 62.75
S3: 59.10	R3: 63.35