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Crude Oil Price Outlook – Crude Continues to Attempt to Build Momentum
Updated: Mar 31, 2025, 13:57 GMT+00:00
The crude oil markets continue to attempt to break higher. After initially trying to find the bottom of the three year range, and at this point in time, the oil market seems to be more of the “buy on the dip” mentality.
WTI Crude Oil Technical Analysis
The light sweet crude oil market has been back and forth during the early hours on Monday as we continue to dance around the crucial 50 day EMA. The crude oil market is very technically driven a lot of times and speaking of which, one of the things that helps this market more than anything else is bouncing from the $65 region, which has been a major support level for the last three years. Now the question is, can we take out the 50 day EMA and continue to go higher? I think that is exactly what will happen, but we may get the occasional short-term pullback. Those pullbacks should be buying opportunities and offer value.
After all, the market has sold off quite viciously. So, to think that we would just turn around and go straight back up in the air is probably wishful thinking. So, with that being said, I like the idea of buying short-term pullbacks, but I don’t get overly exposed to oil at the moment.
Brent Crude Oil Technical Analysis
Brent markets look very much the same. They are hanging around the 50-day EMA after bouncing from the $68 region. And that, of course, was a three-year low as well, that has been supported quite stringently multiple times. If we can break above the $74 level, then we will start to look towards the $75.50 level and the 200-day EMA at the $76 level. Again, I like the idea of buying short-term pullbacks that show a little bit of a bounce, maybe trading the right side of the V, as it sometimes is called, when a market bounces, going with the momentum, making sure that the support has shown itself.
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About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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