Oil Price Outlook: Crude Breakout Spills into 2021- Resistance Ahead 2021-01-06 18:08:00 Michael Boutros, Strategist
Crude Oil Technical Forecast: WTI Weekly Trade Levels
Crude Oilupdated technical trade levels – Weekly Chart
WTI breakout extends into yearly open– risk for inflection off near-term uptrend resistance Advertisement
Oil prices have surged more than 51% off the November lows with WTI rallying to fresh multi-monthly highs into the 2020 open. The oil breakout is now testing initial uptrend resistance and while the broader outlook remains weighted to the topside, the immediate advance may be vulnerable while below this threshold. These are the updated targets and invalidation levels that matter on the oil price weekly chart. Review my latest Strategy Webinar for an in-depth breakdown of this crude oil price setup and more.