CL=F: Oil Futures Bearish Outlook - $63.50 by December 22, 2026

Will CL=F oil futures plunge to $63.50 as technicals scream bearish?

CL=F

$69.34

▼ -14.13% 7d

-1.42%

-14.13%

30D

-32.14%

RSI

38.2

20MA

$84.09

50MA

$92.3768

MACD

-6.593

SUPP

$69.05

RES

$97

30-DAY PRICE CHART

CONFIDENCE

49% MEDIUM

OMGHive Quant · June 25, 2026

CL=F oil futures are expected to decline to $63.50 within 90 days, driven by a strong bearish technical setup. The current price of $69.34 has breached key support levels, indicating a potential for further downside.

Key Data Points

RSI (14) at 38.2, indicating neutral territory but trending downwards
Price below both 20MA ($84.09) and 50MA ($92.38), confirming downtrend
MACD at -6.593, signaling bearish pressure

TECHNICAL SIGNALS DETECTED

RSI 38.2 — neutral territory

Price below both 20MA and 50MA — downtrend

Death cross in effect (20MA < 50MA)

MACD negative (-6.593) — bearish pressure

Support: $69.05 (0.4% below) — Resistance: $97 (39.9% above)

High volatility: ATR 6.52% of price — wide swings expected

Technical Analysis

The death cross in effect (20MA < 50MA) and the MACD negative (-6.593) confirm a strong bearish trend. The price has also breached the support level of $69.05, which now acts as a resistance level. The high volatility, with an ATR of 6.52% of price, indicates wide swings are expected. The overall technical setup suggests a continuation of the downtrend.

Signals to Watch

WATCH LIST

Price level: $69.05 (support)

Indicator: MACD crossover above zero

Macro catalyst: OPEC meeting or US crude inventory data

Our Prediction

CL=F will reach $63.50 within 90 days. The exact scenario is that the price will break below the current support level of $69.05, and with the bearish MACD and death cross in effect, it will continue to decline. Key levels to watch are $69.05 (support) and $97 (resistance).

Market Context

ARM

$359.08

▼ -5.71%