Oil continues to consolidate near the $48 level. Big moves are not expected in the last trading session of the year, so oil will likely finish this year somewhere in the current trading range between the support at $47.70 and the resistance at $48.65.
The current consolidation looks like a healthy base for the continuation of oil’s upside move in 2021 but oil will likely need additional positive catalysts to gain more upside momentum. If such catalysts emerge, oil may quickly get to the test of the $50 level once it manages to settle above the resistance at $48.65.
The current consolidation looks like a healthy base for the continuation of oil’s upside move in 2021 but oil will likely need additional positive catalysts to gain more upside momentum. If such catalysts emerge, oil may quickly get to the test of the $50 level once it manages to settle above the resistance at $48.65.
