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Oil and Natural Gas Technical Analysis: Crude Rebounds on Geopolitical Risks, Gas Holds in Tight Range

FXEmpire · last updated

Monetary policy signals provide additional support for oil. Fed Chair Powell signalled possible rate cuts in September, putting downward pressure on the US dollar. A weaker dollar makes oil more affordable for global buyers, boosting demand. With market expectations for a rate cut near 84%, bullish momentum in WTI crude oil is building in the short term.

WTI Crude Oil (CL) Technical Analysis

WTI Oil Daily Chart – Rebound within Bearish Pressure

The daily chart for WTI crude oil shows that prices have rebounded from support near the $62 area. This rebound has formed a new upward channel, with immediate resistance at the 50-day SMA around $66.40.

Despite the recovery, the overall trend remains uncertain, as prices continue to consolidate within a wide range. A break below $60 would be negative and could push prices toward $55.50.

A decisive drop under $55.50 would signal further downside momentum. On the upside, strong resistance remains at the $75 region, and a breakout above this level would open the way for additional gains in WTI prices.

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