Crude oil futures are settling down $0.17 (-0.26%), but the broader technical picture remains constructive.
Earlier today, price pushed to $67.28, the highest level since August 2025, before rotating lower into the close. Even with the pullback, crude is still up roughly 21% from the December low at $55.08, underscoring the strength of the recent recovery trend.
On the daily chart, price has moved back above the 50% retracement of the decline from the June 28 high, which comes in near $66.74. However, today marks the third consecutive session where buyers attempted to hold above that midpoint level but failed to sustain momentum.
That 50% retracement is now the key pivot.
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Sustained trade above $66.74 would signal buyers are regaining stronger control and could open the door for further upside extension.
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Failure to hold above it keeps the market vulnerable to additional consolidation or a deeper pullback.
On the downside,, the close support comes in at the broken 61.8% retracement at $65.72. Below the in the rising 100 hour moving average (blue line on the chart below) is currently at $65.17. The level also corresponds with an old upward sloping trendline.
In short, crude remains in recovery mode, but buyers need a clean break and hold above the midpoint level to reinforce the bullish case.
