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Crude Oil Technical Outlook: More Upside Could be In Store

Crude Oil Technical Outlook: More Upside Could be In Store

Paul Robinson, Strategist

WTI crude oil is trying to consolidate around slope resistance. A little more of this price action could set up a nice continuation pattern that has oil running towards the 77 level. If we don’t see a breakout above the recent highs then it is possible oil rolls back lower, at which time the outlook becomes a bit dicey. There is a long-term pattern I also discuss, but not something to take too seriously for now. For the full set of details, please check out the video above…

Crude Oil (CL1!) Daily Chart

crude oil daily chart

WTI Crude Oil Chart by TradingView

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---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.