Crude Oil - Weekly

Oil is at a crucial short-term pivot point right now. The moving averages above suggest heavy resistance.

Both Crude & Brent oil are currently at an important pivot point on the weekly timeframe. This week could determine the next short-term direction. Major resistance above sits at the $81.25 region where the weekly swing highs over the last few months and 50 SMA sit. Followed by further resistance $83 region. Unless a weekly candlestick breaks and closes above here, the bias would remain rangebound for now within the $70-$80 zone. Towards the downside weekly support sits at $73.90 followed by the November 2022 low at $70.25. A drop to this level could be a good possible buying opportunity for the short term, however, is this final support were to break, oil could head much lower. MACD is trending positive and RSI reads 45, suggesting a mildly positive bias on the technical side - it is important to consider fundamental aspects this week though as they'll likely be in the driving seat for determining the next upside or downside move.