Crude Oil Price Forecast for Next Week
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 8538 | 9126 | 9784 | 10,215 | 10,800 |
WTI Crude oil prices surged above $101 per barrel, approaching a five-week high, as escalating Middle East tensions heightened concerns over potential supply disruptions. Renewed Houthi attacks on Saudi energy infrastructure and Yanbu port, reports of supertankers striking mines in the Strait of Hormuz, and preparations for possible US-Israeli strikes against Iran strengthened the geopolitical risk premium. However, Persian Gulf crude exports have recovered close to prewar levels, potentially limiting supply concerns. Meanwhile, Ukraine intensified attacks on Russian refineries, adding uncertainty in regional supplies. Overall, sentiment remains bullish, with geopolitical developments and shipping disruptions likely to drive volatility and sustain upward price pressure.
Crude oil future has continued to rebound and posted a positive weekly closing for 2nd consecutive week where price has inclined by more than +3% and settled at 9784. With this momentum, Crude oil price has surged by more than +12% in October. On daily chart, Crude oil price has breakthrough the resistance of Ascending triangle, continued to trade over its key moving averages i.e. 20, 50 and 200-DEMA levels placed at 9206, 8881 and 7997 respectively. Daily SAR is also placed at 9126, crucial support level to look for. Key resistance would be at 10,215 and breakout above this mark will accelerate upward momentum in Crude price in upcoming week towards all-time high levels. Looking at OI levels, we can observe a rise in OI level to 14,800 lots in current expiry, indicating Long buildup. RSI levels remained elevated above 60 on Daily timeframe.
We are expecting continuation of bullish momentum in Crude oil price and traders should look for buy-on-dips opportunity.
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