On the daily chart, crude remains in a clear longer-term downtrend, with price now trading just below 61 and sitting beneath the declining 200-day simple moving average (green line) around the mid-60s, which confirms that sellers still control the primary trend. The 50-day and 14-day averages (pink and blue) have also rolled over and are clustering just above the market, acting as dynamic resistance and reinforcing the 65 area as the first key upside barrier, followed by a more substantial resistance band toward 72 where several prior swing highs formed earlier in the year. The Stochastic Momentum Index is in negative territory around -27%, showing that downside momentum remains dominant, but the indicator has made a slightly higher low while price has held near the same zone around 60; this mild bullish divergence warns that the downtrend may be losing strength and that a relief bounce back toward the short-term moving averages is possible. Even so, until price can reclaim and hold above the 200-day average, rallies into 65–72 are more likely to be sold. Immediate support is anchored near 60, the recent floor and psychological round number, with a deeper downside target toward 56 if that level breaks. For traders positioned with the prevailing bearish trend, short entries on rallies into 65 with a protective stop above 72 keep risk defined, while any counter-trend longs looking to trade a bounce should keep tight stops just below 60 to avoid getting caught in a continuation lower.

The 4-hour chart shows a more balanced but still fragile picture, with price oscillating just under 60 and below all three key moving averages, as the 200-period SMA (green) trends lower from the low-60s and the 14- and 50-period averages (blue and pink) are flattening slightly overhead; this configuration indicates that the short-term trend is still under pressure, but recent selling has begun to lose momentum. The Stochastic Momentum Index has turned up into positive territory around 22.46% after registering deeper negative readings on prior lows, while price has held roughly in the same 59–60 band, forming a positive momentum divergence that often precedes corrective rallies within a broader downtrend. Initial resistance is therefore defined around 61, where the faster moving averages intersect with recent intraday swing highs, with a secondary cap near 63 close to the declining 200-period average and a prior breakdown area. On the downside, immediate support sits near 59, the recent reaction low, with a more important level toward 57, which corresponds to the June/October congestion zone and would mark a fresh short-term breakdown if breached. Short-term traders may look to fade strength into the 61–63 region in line with the broader daily downtrend, using stops above 63, targeting a return to 59 and then 57; more tactical dip-buyers trying to play the SMI divergence should only consider longs on clear holds above 59 with tight stops under 57, aiming for a corrective move back toward 61–63 where stronger resistance is expected.