Crude Oil Technical Analysis March 24, 2025
As of 8:00 AM GMT on March 24, 2025, WTI Crude Oil is trading around $68.45 per barrel. The market shows some upward movement after a period of consolidation, supported by ongoing concerns about global supply disruptions and the demand outlook.
Current Price Levels and Technical Indicators:
Relative Strength Index (RSI): The RSI is approximately 58.2, indicating neutral momentum without overbought or oversold conditions.
Exponential Moving Averages (EMAs): The price is trading above both the 50-day and 100-day EMAs, reinforcing a cautiously bullish outlook.
Support and Resistance Levels:
Resistance: Immediate resistance is observed at $68.61, with a more significant level around $69.00. A break above $69.00 could pave the way for further gains.
Support: Initial support lies at $67.95, with stronger support near $67.50. A move below this level could signal a shift in momentum.
Fundamental Factors:
Crude oil prices are influenced by geopolitical developments, particularly the ceasefire talks between Russia and Ukraine. Investors are monitoring these discussions closely, as a potential peace agreement could lead to increased Russian oil supply, impacting global prices. Additionally, new U.S. sanctions on Iran and OPEC+’s output plans are contributing to market volatility. The market sentiment remains cautiously optimistic amid these supply risks and geopolitical uncertainties.
Conclusion:
Crude oil maintains a cautiously bullish stance above the $67.95 support level. Traders should watch key resistance levels at $68.61 and $69.00, as well as stay informed about geopolitical developments and economic policies that could influence market dynamics.