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Crude Oil Forecast – 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
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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. ....

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