Oil Futures Slip 1.5% to $57.95 as Resistance Near $58.50 Caps Rebound
Crude oil futures settled at $57.95, down $0.89 (-1.51%), after a whippy session that saw prices probe a technical floor at $57.39 before rebounding toward $58 into the close. Intraday moves were dominated by chart levels, with a resistance confluence near $58.50 limiting late buying.
Settlement and Intraday Range Front-month crude traded between $57.10 and $58.96, ultimately finishing just shy of the $58 handle. The pullback extended earlier losses before bargain-hunting emerged once prices reclaimed the $57.39 pivot, a level that had acted as a floor on the hourly chart.
Technical Picture: Key Levels in Focus – The $57.39 zone remains a near-term pivot. A sustained break below would re-expose today’s $57.10 low and potentially the mid-$56s if momentum accelerates. – On the topside, a cluster of resistance sits at $58.49–$58.53, where the 61.8% retracement aligns with the falling 100-hour moving average. This confluence capped the late-session bounce. – A clear move above that resistance would shift attention to the 200-hour moving average near $59.10. Reclaiming the 100- and 200-hour averages would be needed to rebuild a constructive bias.
Market Positioning and Sentiment Intraday flows pointed to tactical positioning rather than a decisive shift in the demand outlook, with FX volatility subdued and broader risk appetite mixed. For now, trend conviction remains fragile while price holds below the 100- and 200-hour moving averages, leaving crude vulnerable to headline risk and liquidity-driven swings. Data and inventory prints later in the week could recalibrate near-term expectations, according to traders surveyed by BPayNews.
Market Highlights – Settlement: $57.95 (-$0.89, -1.51%) – Day’s range: $57.10–$58.96 – Key pivot: $57.39 (support/inflection) – Resistance cluster: $58.49–$58.53 (61.8% retracement + 100-hour MA) – Next upside marker: 200-hour MA around $59.10 – Bias: Cautious while below the 100/200-hour averages
Questions and Answers Q: What drove today’s move in crude? A: Price action was largely technical. A brief break below $57.39 invited selling, but failure to hold the downside saw dip buyers step in, only to meet resistance near the $58.50 zone.
Q: Which levels matter most this week? A: Watch $57.39 on the downside and $58.49–$58.53 on the upside. A close above that resistance band would open $59.10 (200-hour MA), while a break back below $57.39 would refocus $57.10 and the mid-$56s.
Q: What would improve the bullish case? A: A sustained push above the 100-hour and 200-hour moving averages, ideally confirmed on closing bases, would tighten spreads, improve momentum, and shift positioning toward the long side.
