Oil Prices Climb Nearly 4%, Key Resistance Levels Come Under Pressure
WTI oil prices surged by approximately 3.7% on Monday, reaching their highest level in nearly two weeks and heading for the largest daily gain since April 9.
The latest rally broke into the daily Ichimoku cloud (ranging from \$62.83 to \$63.92) and briefly pushed above the psychological \$63.00 mark.
Near-term attention is now on key resistance levels at \$63.92 and \$64.03—the top of the cloud and the upper boundary of a four-week consolidation range. A decisive break above these levels would strengthen the bullish case and signal a continuation of the recovery from the May 5 low at \$55.14.
The technical outlook on the daily chart is improving, with momentum indicators turning positive and the Tenkan-sen and Kijun-sen lines in a bullish configuration and positioned below the price. However, additional upward movement is needed to fully confirm the reversal.
A sustained break above the pivotal \$64.00 zone would open the door to targets at \$64.70 (April 23 high) and \$65.00 (psychological level).
On the downside, a higher base at \$61.68 provides initial support and is expected to limit pullbacks, with further support seen at \$61.34 (broken 38.2% Fibonacci retracement of the \$71.98–\$54.77 decline, reinforced by the 10-day moving average).
Res: 63.14; 63.38; 64.03; 64.70
Sup: 62.24; 62.00; 61.68; 61.34
