Crude Oil Technical Analysis March 3, 2025
As of March 3, 2025, West Texas Intermediate (WTI) crude oil prices are experiencing a corrective phase, trading around $69.97 per barrel.
Current Price Levels and Technical Indicators:
WTI crude oil is currently trading near $69.97 per barrel, reflecting a slight uptick of 0.30% from the previous close.
Moving Averages: The 5-period and 10-period simple moving averages (SMA) are at $70.05 and $70.12, respectively, both signaling a ‘Sell’ position.
Relative Strength Index (RSI): The 14-day RSI stands at 47.674, indicating neutral market conditions without overbought or oversold pressures.
Stochastic Oscillator: The 9,6 stochastic value is 39.171, suggesting a ‘Sell’ signal, while the Stochastic RSI is at 10.503, indicating oversold conditions.
Support and Resistance Levels:
Key support and resistance levels are identified as follows:
Support Levels: $69.65, $69.74, and $69.83, based on standard pivot points.
Resistance Levels: $70.01, $70.10, and $70.19, also derived from standard pivot points.
These levels are crucial for traders to monitor, as price movements beyond these thresholds may indicate significant trend shifts.
Fundamental Factors:
Several fundamental factors are influencing crude oil prices:
Economic Uncertainty: Concerns over global economic growth, particularly in the U.S., have contributed to market volatility.
Supply Dynamics: Analysts anticipate that ample oil supply, coupled with potential geopolitical developments like a peace deal between Russia and Ukraine, will keep prices relatively stable.
OPEC+ Decisions: The group’s production targets and any adjustments will significantly impact supply levels and, consequently, oil prices.
Conclusion:
WTI crude oil is navigating a corrective phase amid mixed technical indicators and fundamental uncertainties. Traders should remain vigilant of key support and resistance levels and stay informed on geopolitical and economic developments that could influence market dynamics.