Oil Price Outlook: Crude Breakout Vulnerable at Multi-year Resistance
2021-02-20 16:00:00
Michael Boutros,
Strategist
Crude Oil Technical Forecast: WTI Weekly Trade Levels
Crude Oilupdated technical trade levels – Weekly Chart
WTI breakout extends into multi-year trend resistance– rally may be vulnerable sub-62
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Oil prices have surged more than 29% since the start of the 2021 with WTI attempting to mark a fourth consecutive weekly advance to fresh yearly highs. The rally takes price into critical multi-year trend resistance and leaves the immediate rally vulnerable while below this threshold- on the lookout for inflection in the days ahead. These are the updated targets and invalidation levels that matter on the oil price weekly chart. Review my latest Strategy Webinar for an in-depth breakdown of this crude oil price setup and more.