WTI crude oil at $60: Is key psychological support holding?

[Ben Graham]

Oil has been one of the least performing commodities throughout 2025, despite being subject to heightened volatility.

While it saw spikes in June 2025 following the Iran-Israel 12-day war (from $63 to $78!) and bouts of Ukraine-Russia related news, bearish fundamentals have largely brought the commodity lower.

The combination of several major factors has kept selling pressure on Oil:

• Economic sanctions designed to hurt Russian exports
• A general slowdown in global trade
• Higher outputs from OPEC+ members who have been flooding the market due to internal issues.

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OPEC+ planned output increases (reduction of cuts) – Source: Reuters

Consequently, Crude has been consistently sold off on most price pops but that is looking back – Traders need to be forward looking.

Although prices remain technically higher than the April 2025 post-Liberation dip, price action remains highly undecided right around the $60 key psychological support mark.

As the market is wrestles around this level, let's dive into a multi-timeframe analysis for black gold to see if technical elements allow a shift in balance.

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US Oil multi-timeframe technical analysis

Daily Chart

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US Oil (WTI) daily Chart, November 7, 2025 – Source: TradingView

Crude evolves within a daily downwards channel and despite an October-end rebound at its bottom shaking prices out of the ~$50 handle, candles are still hovering around the middle/lower bound of the channel.

Small indecision daily candles are compressing volatility as prices hang at the key $60 level – Pivot during a May 2025 consolidation.

RSI momentum is also not showing many signs of decision, so let's have a closer look.

4H Chart and technical levels

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US Oil (WTI) 4H Chart, November 7, 2025 – Source: TradingView

Levels to place on your WTI charts:

Resistance Levels

• 4H MA 50 $61.87
• May range Resistance - Current Pivot $63 to $64 (past week highs)
• Key Resistance $65 to $66 (200 MA $65.20)
• Resistance around $67
• $69 to $70 Main Resistance

Support Levels

• May Range lows support $59 to $60.5 (Immediate support)
• Weekly lows $59.042
• 2025 lows support $55 to $57
• 2019 support $53 to $54
• Mid-2019 Main support $51 to $52.5

1H Chart

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US Oil (WTI) 1H Chart, November 7, 2025 – Source: TradingView

Current price action is hanging within a consolidation triangle – Yesterday's breakdown attempt got rejected which adds a layer of support ($59)

Monitor the 1H support and resistance zones:

• Watch for any break above the weekly highs ($61.40)
• On the lower side, watch for a break below $59
• To confirm, look for session closes

Overall, the price action still looks like one of converging prices around $60 which may allow for some interesting range plays.

Safe Trades!

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