WTI Crude Oil Eyes $63.59 as Trade Hopes Lift Market – Key Levels to Watch

WTI crude oil is finding support at $61.60, which is right on the 50-day EMA at $60.72. This is the key battleground for bulls and a potential launchpad for a new rally. Despite the recent volatility, the overall market is still cautiously optimistic with the easing of trade tensions and diplomatic developments. Support and Setup WTI is in an ascending channel and has recovered a lot from the April low of $57.73. $61.60 is the key level as it’s not only the 50-day EMA but also a horizontal level that was resistance previously. This makes it more likely to bounce if it holds. But if it breaks below this zone, it could go to $60.21 and then $58.98. Watch the MACD too, although it’s losing momentum, it’s still positive and the trend could still be bullish. Upside Targets If $61.60 holds, WTI could go to $63.59, the upper channel boundary. Then $64.83 if the broader market improves with trade optimism and diplomatic progress. Traders to Note