Recent price action
Oil prices have been consolidating over the past two trading sessions around $100 per barrel. After falling sharply on Monday, 23 March, prices appeared to find a support region between $84 and $86 per barrel and have since moved higher.
During the Monday, 30 March session, oil extended above its previous resistance level from 16 March, around $101 per barrel. It is now attempting to break out and push beyond that level, even amid headlines suggesting a potential deal with Iran to end the war.
Source: TradingView, 30 March 2026
Technical outlook
If oil is simply consolidating, it would appear to be preparing for another move higher towards $116 per barrel. Looking at the RSI, oil is no longer in overbought territory after dropping below 70 and is also trading below the upper Bollinger Band.
In addition, both the 20-day and 10-day exponential moving averages are trending higher again, with the 10-day offering support and the 20-day providing secondary support should the former trendline break.
