Crude Oil Q2 Technical Outlooks – WTI and Brent

WTI Sees Long-Term Trendline Resistance on the Horizon

The US benchmark has scaled five-month highs at the time of writing and is closing in on a longer-term downtrend line on its weekly chart. This has capped the market since mid-2022, admittedly with few tests.

If unbroken the current uptrend channel will take the market above this line if it crosses the $83 mark. A rise to that level would put resistance at the last significant high back in focus. That was the $94.57 mark hit on September 25 last year, a one-year high at the time.

Support looks solid in the $64-$65 region, but the direction of any breakout from the current ascending channel is likely to be instructive.

West Texas Intermediate Crude Weekly Price Chart

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Brent Crude Oil to Test Critical Horizontal Resistance Right out the Gate

International benchmark Brent’s chart looks broadly similar to WTI’s if perhaps a little less obviously bullish.

Prices currently trade between the third and fourth Fibonacci retracement levels of their rise up to the peaks of March 2022 from the lows of October 2020. These offer support at $75 which has survived various tests since the start of 2023.

Bulls will need to consolidate above the $86.75 mark if they’re to push on to the highs around $95 last seen, very briefly, in September.

Brent Crude Weekly Price Chart

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