WTI Crude Oil Stalls at $67.33—Breakout or Breakdown Ahead This Week?

WTI crude is stuck at $67.33, trading in a narrowing triangle. The market is struggling to find direction with mixed global signals.

Written by: Arslan Butt • Monday, July 21, 2025 • 1 min read

Last updated: Monday, July 21, 2025

Quick overview

WTI crude is currently trading at $67.33, caught in a narrowing triangle with resistance at $68.81 and support at $67.04.
A breakout from this triangle is anticipated soon, but may lack conviction without a fundamental catalyst.
The RSI is balanced at 48.88, indicating traders are hesitant to make significant moves until a clear trend emerges.
Macro factors, including geopolitical tensions and soft demand in Europe, are contributing to the current price stagnation.

WTI crude is stuck at $67.33, trading in a narrowing triangle. The market is struggling to find direction with mixed global signals. Price is capped below the descending trendline resistance at $68.81 and finding support above the 50 period SMA at $67.04.

The triangle is closing in, so a breakout is likely in the coming days. These patterns act as pressure cookers – when the breakout happens, it’s usually fast and directional. But without a fundamental catalyst, the breakout may lack conviction.

For now, crude is in wait and see mode, with buyers and sellers locked in a tug of war.

RSI Still in Balance

RSI is at 48.88, neither oversold nor overbought. Traders are holding off on big bets until a trend emerges.

Price is also close to the 50 SMA, now flatlining at $67.04. This level will be key to watch. Above it and the triangle remains bullish, below it and we could see downside towards $66.32 and $65.42.

Technically:

Resistance to watch: $68.81 and $69.61
Immediate support: $67.04 and $66.32
Triangle base support: $65.42 and $64.54

If price breaks above $68.81 with volume, it could be bullish towards $70.45. Below $66.32 and we could see $65-$64.50.

WTI Crude Oil Price Chart - Source: Tradingview — WTI Crude Oil Price Chart – Source: Tradingview

Macro Factors Keeping Bulls On Hold

Oil prices are caught in a macro tug of war. Geopolitical tensions and hopes for stimulus from China are supportive. But soft demand in Europe and high US inventories are capping prices.

The US dollar’s recent pullback has helped crude, but not enough to break out. Markets are also watching the August 1 tariff implementation date which could rekindle fears of trade disruptions – especially if US crude exports become collateral.Unless something big happens (OPEC+, trade, inventory) WTI will stay in a range. But if it breaks out of this triangle it will be fast.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.