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 Upward channel an important guide to watch Advertisement 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.