WTI Crude Oil Forecast: March 2021

Intriguingly, if current support proves to be capably strong over the next couple of weeks, it could be setting the table for additional moves upward. WTI Crude Oil is achieving a healthy price for the commodity at its current levels, one which makes production profitable. While this could reestablish the desire for more oil to be supplied via drilling, it is also based on the notion that as coronavirus concerns begin to vanish, global populations will return to normal livelihoods and the commodity will be needed for transportation and industrial use.

The trend of WTI Crude Oil has been strong and now may not be the time to fight against the existing trend. If a speculator doubts the resurgence of the commodity and chooses to wager on a sudden dose of bearish momentum developing, they will be going against the crowd as long as global sentiment continues to be steady to optimistic. Buying WTI Crude Oil on slight drawdowns looks like the appropriate trade for speculators who are able to efficiently use their risk-taking tactics and guard against occasional downward moves.

WTI Crude Oil Outlook for March:

Speculative price range for WTI Crude Oil is 57.00 to 67.50 USD.

Psychological support may be suspect near 61.00 and it if this level falters a test of 58.50 could develop. Should that stronghold vanish, a march towards 57.00 might ignite.

Interesting resistance may emerge near the 64.50 mark and, if it is proven vulnerable, a challenge could develop towards 65.80. Bullish speculators with long-term targets may believe 67.50 could be reached.

WTI Crude Oil March 2021

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