Technical outlook for US Oil WTI before the Trump–Putin meeting

[Redator]

Since our most recent analysis, the energy commodity has kept struggling, but it seems that some change is happening.

Yesterday’s rebound looks to have carved out an intermediate bottom after Wednesday's dragonfly doji (which you may discover on the charts).

Oil’s slide in recent weeks has been less about fresh supply or demand shocks and more about the market’s inability to find better hopes for global growth amid growing supply.

All eyes are on today’s high-stakes meeting between Trump and Putin in Anchorage at 11:30 ET. The Russian president praised the “sincere efforts” of his US counterpart ahead of the talks.

The geopolitical backdrop has now taken center stage, as recent oil data offered no real surprises to shift the narrative.

Is a bottom now in place?

If the meeting delivers better-than-expected results, that could become reality, potentially sparking a buy-the-news rally and breathing some newfound volatility in the commodity.

Read More: Imminent profit-taking in Cryptocurrencies – What's the story

WTI Oil Technical Levels ahead of the Trump–Putin Meeting

US Oil Daily Chart

US Oil Daily Chart, August 15, 2025 – Source: TradingView

The past week had preceded a breakdown from the July range ($65 to $70.5) after about eight different crosses within the consolidation.

A failed breakout higher got met with a tight bear channel (where bear candles overlap each other) as global growth outlooks got revised lower from the NFP Payrolls and supply keeps getting increased with conflicting producing nations.

The drop, marking lows at 62.19 on Wednesday in the shape of the Dragonfly daily Doji has been followed by a decent bull candle yesterday now invalidating the tight bear channel formation.

The current Daily candle looks to engulf the one from yesterday, nonetheless, the session is young and the biggest catalyst has yet to show its results.

US Oil 4H Chart

US Oil 4H Chart, August 15, 2025 – Source: TradingView

Sellers have taken control of the price action since August 1st as degrading data keeps hurting the commodity, already in the midst of supply-headwinds.

Watch how the ongoing bearish descending channel allowed to break the different July range levels , with prices now arriving right into the $63 to $64 May range highs Zone.

This morning saw some form of selling, which looks like position clearing ahead of the event – Markets tested the $63 psychological level and are consolidating since.

Levels to watch for US Oil:

Resistance Levels

• $65 to $66 Previous range support, now Pivot
• Imminent Pivot Zone $67.30 to $68 – Confluence with 50 and 200 Day MAs
• 69.5–$70.5 Resistance Zone, range extremes

Support Levels

• $63.00 to $64 May Range highs support
• Wednesday lows $62.19
• $60.5 Low of May Range
• $55 to $57 2025 lows Main support

US Oil 1H Chart

US Oil 1H Chart, August 15, 2025 – Source: TradingView

Looking even closer to the 1H timeframe we spot how the price action is consolidating within the $63 to $64 Support.

An ongoing short timeframe range is forming with $63 to $63.20 lows (currently trading) and with the highs located between $64 to $64.20, at a confluence with the highs of the descending channel.

Keep watching the headlines as the event approaches fast.

Safe Trades!

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