The price of oil has been rising all year, should we now be looking forward to a Golden Cross?

Oil prices have been rising since the end of December 2023 and now form (for Brent) a “Golden Cross”. It’s a sign that technical analysts like when a short-term moving average (MA) exceeds a longer-term moving average:

• The 50-day and 200-day simple moving averages (SMA) are commonly used, but these parameters are not set in stone somewhere.

Brent has sent the signal now, WTI is not quite there. I used the free graphics on our site, which you can access here. Or of course, use your own mapping program according to your preferences.

Brent below. Visit the table link above and use the code “BRENT” shown in the table. It’s not really visible in the screenshot below but around $91 there will be a lot of work to do (ie resistance).