Crude Oil Price Forecast for Next Week

Crude Oil Price Forecast for Next Week (17th - 21st March 2025)

Crude Oil Apr Futures (MCX) are holding near the 5865-5760 support level following an extended downturn. The price is battling below key moving averages (50, 100, and 200 EMA), although a break above the declining trendline resistance above 5,980 could indicate a bullish reversal. The RSI is currently 40, indicating neutral momentum, and a rise above 50 RSI could improve the bull case. Volume remains low, implying that buyers have yet to gain control.

Crude oil stabilized this week, halting a prolonged sell-off as geopolitical uncertainty and shifting demand dynamics influenced market sentiment. The fragile Russia-Ukraine ceasefire and evolving OPEC+ strategies remain pivotal to oil’s near-term trajectory. However, lingering doubts over the sustainability of the peace deal, coupled with escalating global trade tensions, have clouded the outlook, keeping volatility elevated.

Overall, the market is trading sideways with a positive bias as long as the support zone holds. A breakout above 5,980 would reaffirm strength, potentially pushing prices to 6,160 and 6,320. In contrast, a decline below 5,685 might continue the slump. Traders should look for a trendline breakout and growing volume as proof of a directional move.

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Prediction given by Technical Research Team - Choice.