Crude Oil Price Forecast: Momentum Suggests Resistance Tests Ahead

Author: Bruce Powers

Published: March 12, 2026

Overview

The article discusses the recent bullish momentum in crude oil prices, particularly following an inside-day breakout above $88.98. The analysis highlights key Fibonacci levels and moving averages that traders should monitor for potential resistance and support zones.

Key Points

• Short-Term Bullish Momentum: Crude oil prices rose sharply after a low of $88.82, indicating strong buying interest. The closing price near the day's high at $97.24 suggests continued bullish momentum.
• Fibonacci Levels: The article identifies critical Fibonacci retracement levels, with the first target at $98.19 (50% retracement) and a higher target at $103.23 (61.8% retracement). The 78.6% retracement level near $115.78 is also significant, as it aligns with a long-term downtrend and a bullish falling wedge pattern.
• Volatility and Emerging Patterns: The article notes that while recent volatility has been high, it may slow down, allowing for new price patterns to develop within the established range following the wedge breakout.
• Support Levels: The 10-day moving average has provided support during pullbacks, indicating that it may be tested again. The 8-day moving average also served as a support level during a recent advance, currently positioned near $84.75.

Conclusion

The analysis suggests that if crude oil prices continue to rise above recent highs, there is potential for further gains. However, traders should remain cautious of volatility and monitor key support and resistance levels as outlined by Fibonacci retracements and moving averages.

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.