Oil Attempts to Establish a Support Base 17/6/2025

U.S. crude oil futures experienced notable fluctuations during yesterday’s trading session, primarily due to profit-taking following the sharp rally that began late last week.

From a technical perspective, oil prices are attempting to establish a solid support base around the psychological level of $69.00 in order to resume the upward momentum. Relative strength indicators are beginning to show early bullish signals, bolstered by price stability above the 50-day simple moving average.

As long as the price remains above the $69.00 level without an hourly candle close below it, the outlook favors a continuation of the bullish trend. A confirmed break above $71.00 could accelerate the upward trajectory, targeting $72.20 as the next milestone, with further potential to reach $73.80.

However, if the price drops and stabilizes below $69.00, this would invalidate the bullish scenario and likely trigger a corrective move towards $67.30.

Warning: U.S. retail sales data will be released today, potentially introducing high volatility into the markets.

Warning: Given the current trade and geopolitical uncertainties, risk levels are elevated, and a range of scenarios remains possible.

Caution: In the context of ongoing global trade tensions and broader economic uncertainty, volatility may remain elevated. Manage risk accordingly, as all outcomes remain on the table.

S1: 69.00	R1: 72.20
S2: 67.30	R2: 73.80
S3: 65.75	R3: 75.48