Crude Oil Price Forecast: Bulls Trigger Weekly Reversal, Resistance Looms Ahead

Core Viewpoint - Crude oil is facing key resistance levels that could determine the direction of its price movement, with a potential trend reversal contingent on surpassing recent swing highs [1][2]. Price Resistance and Trend Reversal - Crude oil is on a path to test resistance at $59.26 (10-week moving average) and $59.37 (78.6% Fibonacci retracement), with the 50-day average at $59.13 [1] - A daily close above the 50-day average would indicate a higher likelihood of a trend reversal, although previous attempts to break this level have failed [2] - The recent swing high of $60.56 must be surpassed for a confirmed trend reversal from the current downtrend [1] Support Levels and Near-Term Outlook - Key support levels are identified at last week's high of $57.82 and this week's low of $56.93, with the latter being significant as it represents a higher weekly low [3] - A sustained decline below the recent low would signal a bearish outlook, while bullish reversals from current lows could lead to rallies [3] - Until a daily close above the 50-day line occurs, resistance is expected to hinder the current counter-trend advance [3]