Oil Rally driven by Saudi/OPEC cuts will face resistance Soon
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$.