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Crude Oil Technical Outlook: Lower Before Higher

Crude Oil Technical Outlook: Lower Before Higher

Paul Robinson, Strategist

WTI crude oil continues to look weak and is seen as remaining that way until we see some type of capitulation price action, whether that is a big daily reversal or a Monday gap-down and reverse on news scenario. If we see something like that develop then a bounce can unfold. Broadly speaking, the intermediate picture could be bearish for a while to come.

For the full set of details, please check out the video above…

Crude Oil (CL1!) Daily Chart

CL daily chart

WTI Crude Oil Chart by TradingView

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---Written by Paul Robinson, Market Analyst

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