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Crude Oil Price Outlook – Crude Oil Continues to Look For a Bounce
Published: Mar 3, 2025, 15:00 GMT+00:00
The crude oil market continues to see a lot of support underneath, as the Monday session seems to be positive in general. This is a market that continues to see a lot of questions asked about global demand.
WTI Crude Oil Technical Analysis
The light sweet crude market has gone back and forth during the early hours on Monday as we continue to see a lot of noisy trading. The market is hanging around the $70 level, which of course is a large round psychologically significant figure and an area where we’ve seen both support and resistance in the past. If we can break above the top of the candlestick from the Monday session, I do think we have a scenario where the market could go looking at the $72.50 level.
If we break down below the bottom of the candlestick for the trading session, then we will more likely than not take a look at the $68,50 cents level, maybe $67 level underneath there for a massive floor in the market. After all, this is a market that I think is trying to find a bottom for the season. So, we’ll see how that plays out.
Brent Crude Oil Technical Analysis
Brent looks very much the same as it is going back and forth during the trading session on Monday as the market is going to continue to be very noisy in general. And with that being the case, I think we are in the midst of bottoming here as well. That doesn’t mean that it’s an easy path higher nor does it mean that we go a lot higher. I just think that the risk to reward ratio is definitely skewed to the upside at the moment. And I will continue to look at it as such. A break above the $74 level opens up a move to the $75.50 level, which also features a 50-day EMA. Keep in mind, the $70 level underneath is a major two-year low, which has been defended quite drastically.
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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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