USOIL Rebounds from Tuesday’s Lows: Key Levels and Trends to Watch

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US Oil is still in the range established after the first part of May.
The commodity prices have been whipsawing throughout the past few weeks.

Fears from higher supply have been priced in which can be observed as prices are consolidating - The prices are bouncing sharply from every retest of the mid-month lows.

WTI is currently up 1.24% on the day, trading at 62.20.

Dive into a technical analysis comprising the 1H timeframe and a look on the Daily picture.

US Oil Hourly Chart Analysis

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US Oil Hourly Chart, May 28 2025. Source: TradingView

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Oil has been in a fairly volatile range, as prices have been bouncing between 60.5 to 64.

In the current state, Markets are waiting for further news before taking on a further direction. Rising Crude Oil inventories and OPEC+ announcements fail to move prices below May lows showing at 58.81.
You can read more details on supply from last Friday's USOIL analysis.

A failure to break the 60.5 support confirm that prices are consolidating, as we are now approaching the 62.38 Pivot level - which coincides with the middle of the range described earlier.

Key Levels on the 1H Chart

Support 1: 61.65
Support 2: 61.30
Support 3: 60.5 (Low of the Range)

Immediate Resistance: 62.38 (Middle of the Channel)
Resistance 2: 63.00
Resistance 3: 63.55
Resistance 4: 64.00 (High of the Range)

Taking a Step Back - US Oil Daily Timeframe

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US Oil Daily Chart, May 28 2025. Source: TradingView

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Prices have formed a double-bottom after breaking down from the descending channel that was formed throughout the beginning of 2025.

Since the Beginning of May, priced have bounced more than 11% from a low of 55.81.

Having reintegrated the channel, prices are now looking at the Daily MA 50 situated at 63.43.
A breakout from the shorter timeframe range, above the 50-period Moving Average, would point towards 66.50, the highs of the channel.
The lows of the channel are marked at 59.25.

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