Crude Oil Review: Markets In Mayhem - Corrected Edition

Week of 4/13/2025

Apr 14, 2025

Welcome back, traders—it’s time for your Weekend Review on Crude Oil (CL)!

Crude oil is coming off a significant monthly support area at 55.38, which provided a picture-perfect bounce at recent lows. Reclaiming the monthly level at 59.93 was also a key move, and we're currently managing to hold this important support zone. Although the broader momentum remains downward, especially following last week’s bearish close, this support level is serious enough to warrant attention for a potential bullish rotation in the short term.

Here’s how I'm seeing things play out:

Immediate Support and Key Levels:

Currently holding critical monthly support at 59.93.
Important 4-hour untested level at 60.17 aligns closely with yesterday’s Point of Control, making it a key support to watch closely.
Major weekly support at 59.44 and daily at 59.58; if these levels fail, look for a deeper sell-off towards 58.32 (daily) and potentially 57.70 (4-hour). Below these, crude is at risk of revisiting recent lows at 55.38.

Upside Potential and Resistance Targets:

Initially targeting a progression upwards to an important resistance area at 62.71, featuring untested daily and 4-hour levels.
Above 62.71, the critical weekly pivot at 62.98 comes into play. This level marks the weekly leg to the 2023 local high and will be essential for further bullish moves.
If we clear 62.98, look for a test of the resistance cluster starting around 63.91 (monthly) to 64.01 (daily). This zone begins a significant gap that extends upward.
A strong upside scenario targets the gap-fill level at 65.91 (daily), with major weekly resistance immediately above at 66.02–66.75, which includes multiple confluences from weekly, daily, and monthly untested levels.
While a rally back to the highs (69.36–69.43) is possible, my primary focus is the high-probability move up to the gap-fill and key weekly resistance around 66.02.

In short, crude oil is positioned at a critical juncture. I'm leaning cautiously bullish for now, watching closely how these support and resistance levels react. Keep an eye on 62.98 as our key upside pivot and 59.44 as our must-hold weekly support. A breakdown below this area opens the door for renewed downside pressure.

Enjoy the weekend, trade smart, stay disciplined—and together, we'll conquer these markets!

Ryan Bailey
VICI Trading Solutions

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Monthly Chart