Oil Talking Points:
- Below is a preview from the Q4 Technical Forecast for oil.
- To access the full forecast for oil, click on the link below.
Recommended by Ilya Spivak
Get the full Q4 crude oil forecast from DailyFX
Crude oil prices may be setting up for a downturn. The weekly chart reveals rejection from resistance clustered just below the $79/bbl figure on the WTI contract. Negative RSI divergence spoke to ebbing momentum as buyers tested this barrier, a former support dating back to August 2011. The move preceded a push down and through support defining the uptrend from spike lows in April 2020, set amid peak panic at the onset of the COVID-19 pandemic.
Read the rest of the technical forecast for oil, along with the fundamental forecast by clicking on the link below.
WTI Crude – Weekly Chart
Chart created with TradingView, prepared by Ilya Spivak
Recommended by Ilya Spivak
Get the full Q4 crude oil forecast from DailyFX
--- Written by Ilya Spivak, Head Strategist, APAC for DailyFX
