Since late December 2023, oil prices have been steadily on the rise, with Brent crude now indicating the formation of a ‘Golden Cross,’ a technical pattern that holds significance for many analysts.
A ‘Golden Cross’ occurs when a shorter-term moving average (MA) crosses above a longer-term MA, typically the 50-day and 200-day simple moving averages (SMAs). While these parameters are not set in stone, they are widely used in technical analysis to identify potential shifts in market momentum.
As of now, Brent crude has exhibited this signal, indicating a bullish trend. However, the same pattern has not yet emerged for West Texas Intermediate (WTI) crude oil. Those interested can access free charts on our site to observe these developments closely.
In the context of Brent crude, the ‘Golden Cross’ signal presents an encouraging outlook, suggesting further upward movement in prices. However, it’s essential to note that resistance may be encountered around the $91 mark, as indicated on the provided chart.
Investors and analysts are advised to monitor these developments closely and consider utilizing their preferred charting programs for further analysis.
