1. Key Support & Resistance (Recent Technical Outlook)
📌 Brent Crude (Spot)
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Resistance Zones: ~$70 / $73.6 per barrel — major upside hurdles where selling pressure may intensify.
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Support Levels: ~$65 per barrel — near-term floor; secondary support ~$62.50 if breakdown accelerates.
📊 Interpretation:
• Above $70–$73 suggests strength and potential bullish continuation.
• Below $65 signals weakness and risk of deeper corrections.
📌 WTI Crude
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Resistance: ~$65 per barrel — key cap on price rallies.
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Support: ~$60 per barrel — primary price floor; deeper support ~$57 in bearish scenarios.
📊 Interpretation:
• Holding above $60 is generally considered bullish short-term support.
• A break below $57–$58 could open room for further downside.
📉 2. Range & Psychological Levels
Many traders also watch round numbers (psychological barriers) and trendline interactions:
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$60 / $65 / $70 are strong round-number levels often acting as support or resistance.
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Historical support/resistance can cluster around prior swing highs/lows — e.g., previous peaks or troughs used with Fibonacci retracements.
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Moving averages (like 50-day or 200-day) act as dynamic support/resistance depending on trend direction.
📌 Example Intraday Levels (Short-Term Trading)
From chart-based technical posts (often used by intraday traders):
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Immediate Resistance: around $59.5–$60.5
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Immediate Support: around $57.9–$58.6
(These levels can shift quickly with volatility and market news.)
📈 How to Use These Levels
Bullish bias (uptrend):
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Enter long positions near support zones with stops below support.
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Target profits near resistance zones.
Bearish bias (downtrend):
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Enter shorts near resistance, with tight stops.
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Look to cover near support levels.
Range-trading:
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Buy at support, sell at resistance, until breakout signals appear.
🧠 Quick Tips for Crude Oil Technical Trades
✔ Combine support/resistance with indicators (RSI, MACD) for stronger signals.
✔ Use pivot points (daily/weekly) to anticipate turning points.
✔ In volatile news environments (like geopolitical risk), technical breakouts can occur fast — watch volume and candle patterns.