Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Crude Oil: WTI Extended, but Has Generally Bullish Technical Outlook

Crude Oil: WTI Extended, but Has Generally Bullish Technical Outlook

Paul Robinson, Strategist

Crude Oil Technical Outlook:

  • WTI crude oil continues to rally within channel formation
  • May be in for a pullback/consolidation, using channel as guide
Advertisement

WTI crude oil remains in bullish channel

WTI crude oil is on the extended side, but remains within the confines of a well-defined channel structure that keeps it pointed higher. With that in mind, we may see a pullback develop here soon that will alleviate any short-term overbought conditions that exist, but the outlook is generally bullish.

A pullback to the lower trend-line could offer would-be longs an opportunity to enter and have a threshold from which to assess risk. Stay above the lower parallel and the current trend remains intact. Break below and a larger decline may ensue.

On the top-side, should we see more gains watch the top-side trend-line as a potential line of resistance. Price resistance doesn’t arrive until a good ways higher at around 64, with 65.62 the very peak of the Jan 8 2020 spike-high.

Oil Forecast
Oil Forecast
Recommended by Paul Robinson
Check out the Q1 OIL Forecast
Get My Guide

WTI Crude Oil Daily Chart (maintaining channel structure)

WTI Daily Chart

Crude Oil Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES