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Oil Price Forecast: Crude Oil Rally at Risk as WTI Stalls at Resistance


Oil Price Forecast: Crude Oil Rally at Risk as WTI Stalls at Resistance
2021-05-18 19:00:00
Michael Boutros,
Strategist
Crude Oil Technical Forecast: WTI Weekly Trade Levels
Crude Oil updated technical trade levels – Weekly Chart
WTI rally grinds into resistance for a third week– looking for inflection into 66
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Oil prices surged more than 17% off the March lows with a three-week rally now pressing technical resistance near the yearly highs. Despite a barrage of headlines regarding the Colonial Pipeline hack, disruptions in the gas supply chain and rising inflationary concerns, WTI has remained capped by a key technical resistance zone we’ve been tracking for months now. While the broader outlook remains constructive, the immediate advance may be vulnerable while below this threshold and we’re looking for possible price inflection in the days ahead to offer guidance. These are the updated targets and invalidation levels that matt ....

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