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Asset Watch
Tuesday, March 5, 2024
With warmer weather only a few months away, crude’s fundamental outlook could brighten in the weeks ahead if the global economy continues to accelerate.
If so, the 100-hour moving average may play an important role in determining the short-term price action. During crude’s bull run in January, the metric acted as support four times following the initial breakout. A similar pattern is present now, with successful bounces near the 100-hour MA occurring last week.
The Mar. 1 surge also resulted in a breakout above the January highs, and if the 100-hour MA holds (near $78.50), we may see $90 unless central banks put their pedal to the metal with rate hikes once again.
So, does crude continue its subtle rally, or will the momentum fizzle in March?
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