Crude Oil Technical Analysis March 14, 2025
As of March 14, 2025, crude oil is trading around $67.00 per barrel. This marks a slight recovery from recent lows, though the market remains under pressure due to ongoing global supply concerns and fluctuating demand expectations.
Current Price Levels and Technical Indicators:
Currently, at $67.00, crude oil is showing some consolidation after recent volatility. The Relative Strength Index (RSI) is hovering at 53, indicating a neutral stance, suggesting that neither the bulls nor bears have full control over the market at the moment. The 50-day moving average (MA) is positioned around $68.50, which may act as a short-term resistance point. Meanwhile, the 200-day moving average remains at approximately $63.00, providing stronger long-term support.
Support and Resistance Levels:
Support:
- $65.00: A significant support level, underpinned by the 200-day moving average, which could provide strong backing if prices dip lower.
- $63.50: A secondary support level, as crude oil prices have previously rebounded from this area.
Resistance:
- $68.50: The 50-day moving average marks a key resistance level. A break above this could indicate a bullish trend and open the door for higher levels.
- $70.00: A psychological resistance level; if crude oil moves beyond this level, further upside may be expected.
Fundamental Factors:
Supply Concerns: Ongoing geopolitical tensions, particularly in Eastern Europe and the Middle East, continue to influence oil price movements. Disruptions in supply chains have kept oil prices elevated despite global economic pressures.
Global Demand Outlook: While economic slowdowns in some regions might dampen demand, other regions, particularly in Asia, are expected to continue growing their oil consumption, providing some support for prices.
Monetary Policy: Central bank actions, especially from the Federal Reserve, continue to impact commodity prices. A stronger U.S. dollar, in particular, has kept downward pressure on crude oil prices. However, recent statements from central banks suggest that rate hikes may slow down, which could provide some support for crude.
Conclusion:
Crude oil is currently trading around $67.00, facing resistance at $68.50 and potential support at $65.00. With a neutral RSI, the market may remain range-bound unless significant geopolitical or economic events trigger a breakout. Traders should monitor the global supply-demand balance, geopolitical tensions, and monetary policy for further price direction.