West Texas Intermediate (WTI) crude oil prices are consolidating near the $64.00 mark in Wednesday’s Asian session after three days of recovery gains. The commodity remains supported by concerns over potential Russian supply disruptions.
Technical Outlook
From a chart perspective, Tuesday’s breakout above a short-term ascending trend channel—formed from this month’s multi-month low—has strengthened the bullish bias. Momentum indicators on both hourly and daily timeframes remain positive, suggesting that the path of least resistance is still tilted to the upside. This also increases the likelihood of dip-buying on minor pullbacks.
Key Support Levels
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A sustained move below $64.00, which now coincides with the channel breakout point, could trigger technical selling.
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Immediate support is seen at $63.50–$63.45, with further downside exposing the $63.00 handle.
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A deeper decline may extend towards $62.20, and eventually the channel’s lower boundary near $61.80–$61.75.
Resistance Levels
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On the upside, $64.40 (Tuesday’s two-week high) acts as the first resistance.
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A break above this level would open the way for a move to the $65.00 psychological barrier.
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Sustained buying could then push WTI towards $65.50–$65.60, where a clear break would confirm the bullish setup and spark further short-covering.
