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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View More
Crude Oil Technical Forecast: WTI at a Major Long-term Level

Crude Oil Technical Forecast: WTI at a Major Long-term Level

Paul Robinson, Strategist

Crude Oil Technical Highlights:

  • Trading around macro area of resistance
  • Watching price action for confirmation or rejection
  • This week could be a pivotal one
Oil Forecast
Oil Forecast
Recommended by Paul Robinson
Check out the Q4 Crude Oil Forecast
Get My Guide

Oil is in the process of testing a major level extending back a decade. A sustained breakout above 77 could have WTI rolling onto much higher levels. Given the decade-long resistance, seeing crude close above resistance on a weekly basis is the key. With that in mind, this week could be a pivotal one.

How far oil can rise beyond resistance is hard to say at this juncture, but the next roadblocks don’t arrive until between 85 and 91, minor swing levels carved out during 2013 and 2014. The next really big area of resistance doesn’t arrive until between 107 and 115, the high points of a large range (wedge) from 2011 to 2014.

That is a long way higher still, so for now the focus will be on seeing if oil can maintain above the 77-mark for any length of time. It is entirely possible that we see a rejection this week that marks a reversal in price, so we will need to be patient and flexible around this key area of resistance.

If oil rejects lower, then watch how near-term trend support from August holds up. If a rejection sends crude below trend support, then we could see it quickly fall back below 70.

For now, WTI looks like it wants to keep on rolling, but we need to be mindful of how important this area is. A sustained breakout above 77 on a weekly closing basis will be construed as a macro signal that it wants to keep on going. While a rejection lower will suggest near-term weakness at the least, possibly worse.

Futures for Beginners
Futures for Beginners
Recommended by Paul Robinson
New to Futures? Check out this guide.
Get My Guide

Crude Oil (CL1!) Weekly Chart

Crude oil weekly chart

WTI 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.