Category: Forex News, News
Brent Crude Oil Price Poised for Further Gains – Today’s Forecast – 18-03-2025
The price of crude oil has risen in recent intraday trading, confirming the break of a short-term downward sub-trendline.
This move is supported by its continuous trading above its 50-day simple moving average.
Additionally, it is trading along an upward corrective trendline, with the onset of a positive RSI crossover after the indicator reached significantly exaggerated oversold levels relative to the price movement.
Our forecast indicates further corrective upward movement for oil in the upcoming sessions, especially if it manages to break the resistance at $67.95.
Such a breakthrough would confirm the bullish double bottom pattern, with the price then targeting the resistance level at $70.00 as the next price target.
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Written by : Editorial team of BIPNs
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