Technical Picture of Crude Oil<\/strong><\/h2>\n![](\"https:\/\/kupitiblog.store\/576r\/wp-content\/uploads\/2024\/03\/489d240d6ba112dc465a0491549f124f.png\")
Will Crude Oil Meet Next Resistances? — Image 1<\/span><\/p>\n![](\"https:\/\/kupitiblog.store\/576r\/wp-content\/uploads\/2024\/03\/59513889bacd23c0e7b6a8a9c28830c0.png\")
Will Crude Oil Meet Next Resistances? — Image 2<\/span><\/p>\nLet\u2019s start today\u2019s analysis with the quotes from yesterday\u2019s Oil Trading Alert:<\/p>\n<\/p>\n
From today\u2019s point of view, we see that the bulls broke through the first resistance without any problem and moved northwards in the following hours. Thanks to their march, the price increased to an intraday high of $83.12 but then pulled back a bit and finished the day under the level of $83.<\/p>\n
What paused the bulls?<\/p>\n
The answer to this question can be found on the chart below.<\/p>\n
![](\"https:\/\/kupitiblog.store\/576r\/wp-content\/uploads\/2024\/03\/c77b956a9f6f35d9779f4ff87ec19457.png\")
Price Chart<\/span><\/p>\nFrom this perspective, we see that crude oil climbed to the upper line of the very short-term purple rising wedge, which woke up the bears and encouraged them to act \u2013 not only before yesterday\u2019s session closure but also earlier today.<\/p>\n
Let\u2019s take a closer look at the 4-hour chart below.<\/p>\n
![](\"https:\/\/kupitiblog.store\/576r\/wp-content\/uploads\/2024\/03\/6561a351eb7b0c7941911c2d2cbc68cc.png\")
Will Crude Oil Meet Next Resistances? — Image 4<\/span><\/p>\nOn the above chart, we see that the commodity extended losses and slipped to the first Fibonacci retracement based on the entire recent upward move.<\/p>\n
What\u2019s next?<\/strong><\/h2>\nIf this support withstands the selling pressure, we\u2019ll likely see a reversal and a re-test of yesterday\u2019s high and the upper line of the purple rising wedge or even an upswing to a fresh peak and a test of the upper border of the green trend channel.<\/p>\n
At this point, it is worth noting that not far from this resistance, the size of the upward move would be equal to the height of the black declining channel (marked on the third chart), which in combination with the proximity to the 161.8% Fibonacci extension (based on the March decline and marked on the 4-hour chart), the upper border of the green channel and the bearish engulfing candlestick pattern (marked on the second chart) could encourage oil bears to show their claws and trigger a bigger move to the downside \u2013 especially if the daily indicators generate sell signals.<\/p>\n
The pro-bullish scenario<\/strong> is currently supported by yesterday\u2019s volume, which visibly increased once again, confirming oil bulls\u2019 involvement and suggesting that one more upswing (to the mentioned resistances) is likely.<\/p>\nAdditionally, when we take a closer look at the 1-hour chart below, we notice that the CCI and the Stochastic Oscillator slipped to their oversold areas (actually to the lowest levels since Friday), which suggests that we\u2019ll likely see buy signals in the very near future, which could translate into a rebound later in the day.<\/p>\n
Will Crude Oil Meet Next Resistances? — Image 1<\/span><\/p>\nLet\u2019s start today\u2019s analysis with the quotes from yesterday\u2019s Oil Trading Alert:<\/p>\n<\/p>\n From today\u2019s point of view, we see that the bulls broke through the first resistance without any problem and moved northwards in the following hours. Thanks to their march, the price increased to an intraday high of $83.12 but then pulled back a bit and finished the day under the level of $83.<\/p>\n What paused the bulls?<\/p>\n The answer to this question can be found on the chart below.<\/p>\n From this perspective, we see that crude oil climbed to the upper line of the very short-term purple rising wedge, which woke up the bears and encouraged them to act \u2013 not only before yesterday\u2019s session closure but also earlier today.<\/p>\n Let\u2019s take a closer look at the 4-hour chart below.<\/p>\n On the above chart, we see that the commodity extended losses and slipped to the first Fibonacci retracement based on the entire recent upward move.<\/p>\n If this support withstands the selling pressure, we\u2019ll likely see a reversal and a re-test of yesterday\u2019s high and the upper line of the purple rising wedge or even an upswing to a fresh peak and a test of the upper border of the green trend channel.<\/p>\n At this point, it is worth noting that not far from this resistance, the size of the upward move would be equal to the height of the black declining channel (marked on the third chart), which in combination with the proximity to the 161.8% Fibonacci extension (based on the March decline and marked on the 4-hour chart), the upper border of the green channel and the bearish engulfing candlestick pattern (marked on the second chart) could encourage oil bears to show their claws and trigger a bigger move to the downside \u2013 especially if the daily indicators generate sell signals.<\/p>\n The pro-bullish scenario<\/strong> is currently supported by yesterday\u2019s volume, which visibly increased once again, confirming oil bulls\u2019 involvement and suggesting that one more upswing (to the mentioned resistances) is likely.<\/p>\n Additionally, when we take a closer look at the 1-hour chart below, we notice that the CCI and the Stochastic Oscillator slipped to their oversold areas (actually to the lowest levels since Friday), which suggests that we\u2019ll likely see buy signals in the very near future, which could translate into a rebound later in the day.<\/p>\nWill Crude Oil Meet Next Resistances? — Image 2<\/span><\/p>\nPrice Chart<\/span><\/p>\nWill Crude Oil Meet Next Resistances? — Image 4<\/span><\/p>\nWhat\u2019s next?<\/strong><\/h2>\n
![](\"https:\/\/kupitiblog.store\/576r\/wp-content\/uploads\/2024\/03\/90483d6b1520cd27ee122b5f2ca5bf22.png\")