Crude oil futures settled at $65.29 on the day, up $0.71 or 1.10%. The session high reached $65.39, just above the closing level, while the low extended down to $64.22. The modest but meaningful gain reflects a rebound in bullish sentiment following recent consolidation.
On the daily chart, today’s move is technically significant. The price rose back above the 50% retracement level of the advance from the 2021 low to the 2022 high, which sits at $64.71. While most of the price action since 2021 has remained above that midpoint, oil had consistently closed below it since April—until today. Reclaiming this level strengthens the short-term bullish case.
Looking ahead, the next upside target comes at the falling 100-day moving average, currently at $66.28. This level has not been breached since April 2nd, making it a key test for further bullish momentum. A successful break above could open the door toward more meaningful upside.
On the downside, traders will now look to the $64.71 midpoint as immediate support. Failure to hold above this level would suggest the breakout has failed, potentially triggering a fresh wave of selling. Below that, focus shifts to swing lows from May between $64.14 and $63.57, which would serve as the next technical targets.
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