Crude Oil Price Forecast: Weekly Reversal + Channel Break Sets $63–$64 Target

Thursday Strength Returns

Crude oil pushed to a 10-day high of $60.10 Thursday, directly challenging resistance near the falling 50-day average at $60.13 while holding support near the 20-day average for a fourth consecutive session. The day’s $58.88 low matched rising 10-day average support, and the advance cleared the $60.06 inside-day high, establishing a higher swing low at $58.36 and signaling improving short-term demand.

Initial Breakout Triggered

Thursday’s move broke above the tight falling channel and the prior lower swing high at $60.06—generating the first bullish breakout signal since November’s 88.6% Fibonacci retracement reversal. A daily close above $60.06 is now required to confirm for the channel breakout and possibly leads to sustained upside momentum.

50-Day Clearance Opens Higher Levels

Sustained trading above the 50-day average would expose a band of recent lower swing highs from $60.98 to $61.78, with the key November peak and potential double-bottom neckline at $63.03 next in line. Exceeding $63.03 would activate a large double-bottom pattern formed by the October and November lows and then points to $63.83–$64.02, at a minimum.

Weekly Reversal Adds Weight

The weekly chart triggered a bullish inside-week reversal, on pace for the first higher weekly high and low after four straight weeks of lower highs and lows. This larger timeframe shift significantly boosts the probability that shorter-term gains will stick.

Outlook

Crude oil has flipped from channel-bound weakness to clear breakout footing with the 50-day average now the immediate hurdle. A daily close above $60.06 and sustained hold above the 50-day confirms buyer control and targets $63.03 minimum; the weekly reversal and exhausted declining channel reinforce the case that sellers are exhausted, and higher prices lie ahead. Of course, that thesis is negated on a drop below $58.36.

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