Tech Guy Support & Resistance levels, and Crude Oil Analysis 3/4/26

This report is primarily visual from the Crude Oil daily chart. It will take time to study it, but this will be worthwhile. As you look to the left, notice how price (highs and lows) interacts with the different horizontal red lines going back about 12 months.

Also, Crude gapped up on Sunday night, giving us an idea about a price projection higher. Because the gap was very strong and did not get filled, you take the lower leg length (before the gap) and add this number to the bottom of the upper leg, or the bottom of the gap up price. Before the gap up, crude traded higher for about 12.80 bucks higher. Then add 12.80 to the lower price, which is about 67.80. Therefore, 67.80 + 12.80 = about 82.00 for an upper price target. After 82.00 is achieved, the market will have a tendency to sell off and fill the gap. We will be looking for a move down from about 82.00 to about 68.00. Also notice that 82.00 is relatively close to an old high (red line).

USDA:

President Abraham Lincoln created the USDA on 15 May 1862 to support farmers who were growing the food to feed the civilians and the soldiers fighting to save the Union. Lincoln believed that agriculture was vital to a stable society, and he wanted to show the nation’s gratitude to the nation’s farmers with research and development of farm equipment and the best varieties for crop production through a structure for agricultural production education. Since more than half of America’s population were farmers, Lincoln called the USDA The People’s Department.

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