The 03/08/26 blog “Long-Term View of Crude Oil – March 2026” speculated that Crude Oil could reach a potential price resistance around 99.00 to 108.00. The time zone was two – weeks. Crude oil reached and exceeded this zone in less than four – trading hours.
The monthly Continuous Crude Oil chart courtesy of Trading View – symbol (CL2!) illustrates the long – term view.
Crude Oil moved an incredible 44% above the upper monthly Bollinger band, yet monthly RSI has yet to reach the overbought which begins at 70.00.
The daily Crude oil chart zooms in on the near-term picture.
On 03/08/26 Crude oil spiked up 25% then crashed 33% in two trading days.
On 03/12/26 Crude oil came close to retracing Fibonacci .618 of the two – day crash.
If Crude oil is blocked from passing through the Strait of Hormuz, it could continue to rise and possibly exceed the all-time high at 147.90 made in July 2008.
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