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Crude Oil Q4 Technical Forecast: Downturn in the Works?

Crude Oil Q4 Technical Forecast: Downturn in the Works?

Ilya Spivak, Head Strategist, APAC

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.

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

Crude Oil Q4 Technical Forecast: Downturn in the Works?

Chart created with TradingView, prepared by Ilya Spivak

--- Written by Ilya Spivak, Head Strategist, APAC for DailyFX

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