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Crude Oil Technical Analysis March 17, 2025

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Crude Oil Technical Analysis March 17, 2025

As of March 17, 2025, WTI crude oil is currently trading at $67.30 per barrel, reflecting a minor pullback of -0.2% in the latest hour. Crude oil prices have been moving within a narrow range, and traders are evaluating the key support and resistance levels, as well as global factors that could impact the market.

Current Price Levels and Technical Indicators:

  • WTI Crude Oil is trading at $67.30, just below the 50-day Exponential Moving Average (EMA) of $67.50, which provides a key resistance level.
  • The 14-day Relative Strength Index (RSI) is sitting at 55, indicating that crude oil is neither overbought nor oversold. This suggests that the market has room to move in either direction.
  • Moving Averages: The 50-day EMA remains in close proximity to the current price, suggesting that this level is crucial for short-term price action.

Support and Resistance Levels:

  • Resistance Levels:

    • $67.50: The 50-day EMA acts as a resistance, and a break above this level could signal further bullish movement toward $68.50.
    • $68.00: A key resistance level that has acted as a barrier in recent days, where sellers have emerged.
    • $70.00: A psychological resistance level that traders will monitor closely for potential breakthroughs.
  • Support Levels:

    • $66.00: The immediate support zone, which has been a critical level for crude oil in recent price action.
    • $65.50: A solid support level where buyers have historically stepped in.
    • $64.00: A strong support area that could limit any deeper corrections in the short term.

Fundamental Factors:

  • Geopolitical Developments: Tensions in the Middle East remain a significant factor for crude oil, as any disruptions in supply due to conflicts could lead to sudden price spikes.
  • Demand Concerns: Global oil demand, especially from major economies such as the U.S. and China, remains strong. However, concerns over potential economic slowdowns could impact future demand growth.
  • Supply Dynamics: OPEC+ production decisions, alongside potential shifts in U.S. shale output, will continue to be pivotal in determining future price movements.

Conclusion:

Crude oil is currently testing the $67.30 level, with the 50-day EMA at $67.50 acting as immediate resistance. A breakout above this level could lead to a test of $68.00 and potentially higher. On the downside, $66.00 remains a critical support zone. Traders should closely monitor global geopolitical events and economic data releases, as these will influence market sentiment and price action in the coming sessions.

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