WTI Crude Oil Technical Outlook: Oil Gears Up at Critical Resistance
2021-05-01 15:00:00
James Stanley,
Senior Strategist
WTI Crude Oil Technical Forecast: Bullish
Crude oil prices came into the week with a bull pennant and buyers took care of the matter in short order, helped along by the FOMC rate decision on Wednesday.
Oil prices are now testing a critical zone of resistance that’s shown rejections and false breakouts for each of the past three years. Why might this iteration be different? Read more below.
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It was another strong week for Oil prices, with WTI pushing up for a re-test of a key zone of resistance. Demand continues to do most of the driving but, as we’ve been looking at over the past month, the technical backdrop has become a hindrance to bulls as a zone of Fibonacci levels have come into play to help hold the highs.
Crude Oil Forecast â Keep an Eye on Channel as Correction Risk Rises 2021-03-11 14:00:00 Paul Robinson, Strategist
Crude Oil Technical Outlook:
Up over 100% since November, correction may be due
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Crude Oil Forecast – Keep an Eye on Channel as Correction Risk Rises
WTI crude oil continues to rise within the confines a somewhat loose but steady channel. It is currently trading up against the 2019 and 2020 highs. This could prove to be a pivotal spot at a time when oil is up significantly without having had a meaningful correction.
The reversal the other day was powerful and indicates that sellers are in the area of the 2019/20 highs. The smallish bounce the past couple of days could turn into a failed attempt to advance, with potential to carve out a lower-high.