Crude Oil Price Forecast: Bulls Defend Support Above $67

Author: Bruce Powers

Published: February 24, 2026

Overview

Crude oil prices are currently consolidating around $67.39 after a bullish breakout, with key support levels indicating a potential continuation towards $78.40. The article discusses the technical analysis of WTI crude oil, highlighting the formation of a bull pennant pattern and the significance of various Fibonacci retracement levels.

Trend Analysis

WTI crude oil has shown a bullish trend, consolidating for three consecutive days near the recent high of $67.39. The price action has remained above the breakout level of $62.23, which is crucial for the bull pennant pattern that was triggered last Thursday. The article notes that the price has encountered resistance near a long-term downtrend line, which connects the peak from 2022 to a lower swing high in January 2025.

Support Levels

The article identifies several key support levels that could facilitate a pullback scenario. The immediate support is at $65.57, with additional support provided by the 10-day moving average at $64.73 and the 20-day moving average at $64.43. The critical long-term support level is at $62.90, represented by the 200-day moving average. For the bullish trend to continue, prices must remain above these moving averages.

Potential for Higher Prices

A sustained recovery above the $67.39 trend high would confirm a bullish reversal signal, with higher price targets coming into play. The article mentions a 61.8% Fibonacci retracement level at $69.48 and a lower swing high at $71.33 from July as significant resistance points. A recovery above the latter would indicate a major bullish trend reversal.

Long-Term Outlook

In the broader context, the article discusses a bullish measured move of $23.22, or 42%, from the April swing low, suggesting that a similar advance could push crude oil prices towards approximately $78.40. This potential move underscores the importance of monitoring the current price action and support levels closely.

Conclusion

The analysis provided by Bruce Powers emphasizes the critical nature of support levels and the potential for a bullish continuation in crude oil prices. Traders are advised to keep an eye on the key moving averages and Fibonacci levels to gauge the market's direction in the coming days.