Crude and Brent Oil Weekly Outlook: Technical Levels Signal Key Moves Ahead

USOIL current trading dynamics present a constrained movement, oscillating within a tight range between $81 and $80.30, highlighting

Written by: Arslan Butt • Saturday, March 23, 2024 • 1 min read

• Last updated: Saturday, March 23, 2024

USOIL‘s current trading dynamics present a constrained movement, oscillating within a tight range between $81 and $80.30, highlighting a pivotal moment for its future trajectory. This lateral pattern underscores market indecision, closing the week at $80.74, a marginal decline of 0.01%.

The critical juncture is the pivot point set at $81.08, with resistance levels ascending from $81.87 to $83.06, delineating potential ceilings for upward movements. Conversely, support levels descend to $78.87, marking thresholds where declines may halt.

The Relative Strength Index (RSI) at 45, coupled with the 50-day Exponential Moving Average (EMA) closely aligned at $80.73, suggests a neutral to slightly bearish outlook. The presence of a downward trendline further intimates potential bearish sentiment, reinforcing the significance of the $81.08 threshold.

Should USOIL breach this level upwards, it may signal a transition towards a bullish phase; otherwise, remaining below this marker may perpetuate a bearish scenario, underpinning the critical nature of upcoming trading sessions in determining USOIL’s direction.

Brent Oil Price Forecast; Technical Outlook

Brent Oil (UKOIL) narrowly dipped, closing the week at $85.52, marking a slight decrease of 0.02%. Positioned closely above the pivot point of $85.15, the oil’s direction hinges on pivotal supports and resistances ahead.

UKOIL Price Chart - Source: Tradingview — UKOIL Price Chart – Source: Tradingview

Resistance is found at $87.69, extending up to $90.84, suggesting potential hurdles for upward movement. On the downside, immediate support at $84.38, with further cushions at $81.14, indicates levels where declines might find a halt.

The Relative Strength Index (RSI) at 59, paired with the 50-day Exponential Moving Average (EMA) at $82.57, suggests a cautiously optimistic sentiment. UKOIL’s current standing, just above a 38.2% Fibonacci retracement, hints at a delicate balance.

A descent below this could see it approach a significant Fibonacci level at $83.60, amplifying the bearish outlook below $85.15. Conversely, surmounting this threshold could tilt the scale towards a bullish resurgence.