According to Mihir (@RhythmicAnalyst), crude oil has seen a significant price bounce over the past few days, but technical indicators show that major resistance levels remain unbroken. This suggests the overall trend for crude oil is still bearish, creating a borderline scenario where prices could either reverse higher or continue their decline. Traders should watch for a confirmed breakout above resistance before considering bullish positions, as a failure at this level could signal renewed downward momentum. (Source: Mihir, Twitter, June 18, 2025)

According to Mihir (@RhythmicAnalyst), crude oil experienced a significant technical breakdown from over two years of consolidation near the $70 level as of January 7th. The price hit the S2 support level last month and is currently retesting that zone, signaling continued volatility for traders. The next major support, S3, is identified at $47.15. These levels serve as critical points for trading decisions, with the potential for further downside if S2 fails to hold. Source: Mihir (@RhythmicAnalyst) on Twitter, May 2, 2025.