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Oil Prices Attempt A Modest Rebound

Posted On 19 Jan 2021
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wti crude oil

WTI crude oil prices posted a rebound following the declines from last week. Prices got a boost early on Monday following stronger GDP numbers out of China.

However, the current retracement remains somewhat subdued. Unless we see a breakout above the previous highs of 53.74, we could expect a continuation lower.

This will mark a correction in crude oil prices which has been in a steady trend for a while.

The immediate downside target for oil prices is the 49.00 area. Establishing support there could potentially mark a correction into the longer-term uptrend that oil prices are in currently.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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