Crude Oil Q2 Technical Outlooks – WTI and BrentWTI Sees Long-Term Trendline Resistance on the HorizonThe 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 ChartSource: TradingView, Prepared by David CottleHaving a thorough understanding of the technical setups for oil in Q2, why not see what the fundamentals suggest for the second quarter by downloading the full Q2 forecast?
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Brent Crude Oil to Test Critical Horizontal Resistance Right out the GateInternational 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 ChartSource: TradingView, Prepared by David CottleLooking for actionable trading ideas? Download our top trading opportunities guide packed with insightful tips for the second quarter!
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