The value of crude oil is buying and selling up $1.41 or 1.73% at present at $82.77. With 1Q quarter finish approaching, the worth is up a strong 15.53%. The value on the finish of the 12 months closed at $71.65. The achieve is the biggest since Q3 in 2023 when the worth surged 28.52% solely to then decline by -21.08% in This fall 2023 in up and down buying and selling. If the sample continues, we must always count on a decline in Q2.
Crude oil is up 15.5% for the quarter
What may restrict the upside in Q2 is the technical resistance at the moment being examined. Trying on the weekly chart above, the 100-week shifting common is available in at $83.05 (blue line on the chart above). The shifting common was examined final week at session highs, and is being approached as soon as once more at present. The excessive worth at present has reached $82.85 simply $0.20 wanting that key technical goal.
A transfer above the 100-week film common could be the primary breach since October 23, 2023, and improve the bullish bias from a technical perspective. Conversely, if the sellers can hold the lid on the pair in opposition to the extent, rotation again towards the 50% midpoint at $81.37 could be the subsequent goal to get to and thru on the draw back to provide sellers some consolation.
