Crude Oil (WTI): When to Expect Bearish Wave???

7 Jan 2021

I guess we can not deny that oil returned back to its "normal prices".
I am so surprised by how quickly the market managed to recover, though lockdowns and restrictions still continue.

I guess market participants on oil are TOO optimistic. And the optimism will inevitably lead to a correction.

On a weekly, I have identified a major resistance cluster.
That structure is based on a falling trend line and a horizontal resistance.

Most likely a pullback will be initiated from that zone. So be very careful buying and instead, look for opportunities to sell.

Can we expect a bearish wave on oil?
What is your view?

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Thank you!