West Texas Intermediate (WTI) Crude Oil recovered some early losses on Monday, trading around $62.25 after dipping to an intraday low of $61.57. The commodity began the week on a bearish note but found support near the $61.50 level, which has consistently held since early August.
Oil remains range-bound amid subdued momentum
On the daily chart, WTI continues to consolidate, moving between the middle Bollinger Band—also the 20-day Simple Moving Average (SMA) at approximately $63.20—and the lower band near $61.40.
The narrowing of the Bollinger Bands reflects reduced volatility and suggests a potential breakout could be imminent. A move above the mid-band may signal a shift in momentum, while continued pressure near the lower band could reinforce bearish sentiment.
The Relative Strength Index (RSI) sits near 44, indicating muted bullish momentum. While the indicator is not yet in oversold territory, its inability to climb above 50 points to corrective, rather than trend-driving, upward moves.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram shows a shallow negative bias, with the MACD line slightly below the signal line. This indicates that selling pressure remains, but lacks strong conviction.
Overall, WTI remains trapped in a narrow range, with sideways trading likely to continue until a significant catalyst emerges. A break below $61.50 could expose downside targets at $60.00 and $59.50, while a sustained recovery above $63.20 and last week’s high of $64.40 could open the path toward the upper Bollinger Band near $65.00.
