Long-Term View of Crude Oil – March 2026

Last week Crude Oil spiked up over 30%.  Long-term analysis puts this move in perspective. 

The monthly continuous futures chart – Trading View symbol “CL2!” illustrates the action back to 2006. 

During early 2022 price went 25% above the upper Bollinger Band.  Currently Crude Oil is only 9% above the upper Bollinger Band.

In 2008 monthly RSI reached 81%.  In 2022 RSI was 73%.  So far monthly RSI has yet to reach the overbought zone which begins at 70.00 and is now at 64%.

The next monthly Crude Oil chart shows what happened in 1990 when Sadam Hussein invaded Kuwait.

Price went 23% above the upper Bollinger Band and RSI reached 81%.

Last week Crude Oil went parabolic and could continue rising for at least two weeks. 

There’s a price cluster from 99.00 to 108.00 made from March to July 2022 that could be a resistance zone.