The oil rally started by late October 2020 will face resistance soon by lockdown, seasonality and strengthening US dollar, however, the outlook for 2021 still bullish with 60$/bbl in eyesight, following the rally trend lines we can see 60$/bbl first half of Feb21.
a corrective retracement from 54.5$ range towards 51$+/-50c is most likely before it continue upward trend towards 60$.
breaking below 50$ will open the door towards 47, 45 and possible 42$.
a corrective retracement from 54.5$ range towards 51$+/-50c is most likely before it continue upward trend towards 60$.
breaking below 50$ will open the door towards 47, 45 and possible 42$.
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