Crude Oil Price Forecast: Key Averages Define Next Move
Author: Bruce Powers
Published: April 23, 2026
Overview
The article discusses the current state of crude oil prices, highlighting a recent advance to an eight-day high of $101.36. This increase has brought the price into a resistance zone, particularly near the 50% retracement level of a prior decline. The 20-day moving average, previously a support level, has now shifted to act as resistance.
Key Points
- Resistance Levels: Crude oil is testing resistance near prior highs from March and the 50% retracement level. The 20-day moving average at approximately $98.61 has been reclaimed, indicating potential strength if the price closes above this level.
- Potential Targets: If the price can maintain above the 20-day average, it may aim for higher Fibonacci retracement levels at $104.40 (61.8%) and $110.41 (78.6%).
- Short-Term Pullback Risk: The article notes that the first approach to a prior key support level often meets resistance, suggesting a possible short-term pullback from the recent high.
- Support Indicators: The 10-day moving average, now around $93.45, may act as near-term support. The 50-day moving average at $87.18 is also highlighted as a critical support level during downturns.
- Downside Risks: A decisive break below the 50-day moving average could lead to a deeper retracement, potentially testing the 100-day moving average near $73.55.
Conclusion
The article emphasizes the importance of monitoring key moving averages and Fibonacci retracement levels to gauge the future direction of crude oil prices. The interplay between support and resistance levels will be crucial in determining whether the current bullish trend can continue or if a retracement is imminent.
About the Author
Bruce Powers is a seasoned finance professional with over 20 years of experience in financial markets. He holds an MBA and is a CMT® charter holder, having served as head of trading strategy at hedge funds and as a corporate advisor for trading firms.