Insights 
VT 
Crude oil futures have closed at $61.95, reflecting a rise of $0.93 or 1.52%. The day’s trading saw prices peak at $63.57 and hit a low of $61.04.
This growth marks the third consecutive daily increase, with an 11.48% rise from the low experienced on May 5. An important area on the daily chart lies between $62.46 and $65.29.
Within this range, the 50% midpoint since the 2020 low stands at $64.71.
Current Trading Activity
Current trading activity may influence movements within this swing area. What we’ve seen with crude oil lately is a clear move to the upside, and not just in day-to-day price fluctuations. This latest close at $61.95 adds to what’s become a pattern—a steady climb for three days in a row. The most recent session saw oil trade up to $63.57 before easing back somewhat, showing there’s still active participation on both sides. For context, since the low earlier this month, futures have recovered by over 11%, which is not the sort of change that goes unnoticed.
Now, when we shift our focus to the broader picture using daily charts, we recognise a swing range between $62.46 and $65.29 that could act as a zone where buyers and sellers begin to pause and re-evaluate. It’s within this same area that the 50% midpoint—calculated from the 2020 bottom—sits at $64.71. This midpoint often behaves like a magnet or a barrier, depending on whether price is approaching from above or below.
At the moment, pricing is still below it. So market reactions around this midpoint may give direction over the short term. If prices were to move past it and hold, that could suggest momentum is carrying through, rather than stalling. On the other hand, a fail near that level would give room for reversion, at least temporarily.
Price Reactions
Given this backdrop, we’re shifting attention to how trading performs while flirting with those boundaries just mentioned. It’s likely that spacing between $62.46 and $65.29 will continue to draw attention from those managing risk or planning short-term entries. Should the price cling just under the upper edge and volume begins to thin, we may expect an opportunity to add to positions if certain technical triggers confirm support.
We’ve seen in past rebounds that these ranges frequently act as temporary ceilings before broader moves settle in. For those observing price rhythm and speed, deviation from this swing area could offer either a point of continuation upward or hesitation that forces a brief step lower.
Technical setups aside, sensitivity towards energy markets globally remains heightened, and it’s clear we’re not watching idle candles forming every day. Price is interacting forcefully with levels that carry historical weight. This makes each test of resistance or support that much more relevant—not just for chart readers, but for anyone basing forward exposure on hard data.
We should remain aware that moves from these levels rarely go unnoticed, and that the coming sessions may require sharper attention to hourly closes and volume surges. Bring focus to when price re-tests previous intraday highs or lows, especially around areas that overlap prior consolidation. The balance between buyers willing to stay in and those looking to take profit is often apparent in such retracement attempts.
If recent momentum is to persist, we’d expect pullbacks to be narrow and bid support to surface quickly, perhaps even within the same trading session. This is less about waiting for a bounce and more about watching how aggressively dips are bought. When we track how price reacts during quieter hours—particularly outside regular trading—it can often offer an early read on sentiment shifts.
So, while fresh highs are not guaranteed, current behaviour implies control remains with those bidding price up, at least for now. We’ll be watching whether upcoming sessions see repeated tests of the higher parts of the current range, as that would change the texture of the chart setup considerably.
