Crude Oil Price Forecast: Rebounds from 50-Day Moving Average Support

Core Viewpoint - The recent bullish reversal in crude oil prices suggests a potential strengthening trend, supported by key technical indicators such as the 50-Day Moving Average (MA) and a double bottom reversal pattern. Group 1: Technical Indicators - The 50-Day MA serves as a crucial trend indicator and has been reclaimed, with recent lows testing this line as support, indicating a possible completion of the support test [1] - A strong support zone is identified around the 50-Day MA, particularly at the price level of $65.32, which aligns with a double bottom reversal pattern and previous swing lows from September 2024 and March [2] - An anchored volume weighted average price (AVWAP) line from the April low also indicates support in the same price area, reinforcing the significance of this support zone [3] Group 2: Resistance Levels - The bullish reversal at the 50-Day MA, along with a two-day bullish reversal, suggests short-term bullish behavior, with a breakout above today's high indicating potential upside continuation [4] - The next key resistance level is identified at the 200-Day MA, currently at $68.48, with the most recent interim swing high at $68.77 also serving as a resistance point [4] - The behavior of crude oil prices around the 200-Day MA will be critical in determining future price movements [4]