WTI/USD - Week 51 - Price pullback on the radar

Fears of another lockdown can have a negative impact on fossil fuels and may push the Oil price down. From a technical perspective, we are expecting a deeper pullback for the Oil price. We are now in the middle of a parallel uptrend channel and we expect a breach of the price to the downside at any time, to test the 45$ area, with a possibility for the barrel rate to hit the low 40s area.

Trade with care!
Financial Flagship

Disclaimer: The analysis provided is just informal and it should not be used as financial advice. You need a plan before you trade, but we assume this can help you have a better idea to where the market is heading next.

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We are making a bigger consolidation pattern for the up move.