Crude Oil Futures Analysis – 1 Sep 2020

Crude Oil Futures (WTI) are currently at $43.20 per barrel. Crude Oil Futures have been moving up in a slow and steady uptrend. The uptrend is strong, and has been absorbing every selling pressure, without breaking downside support levels. And the slow progress is setting up the stage for a big sharp upmove at some point later, maybe between 45 to 50.  We can expect both 44 and 45 to get tested in September.

Crude Oil Resistance Levels are at 44 and 45 currently. So far no rapid breakout has sustained, so we should not hold at 44-45, but sell and take profits for the inevitable pull back towards 42-43.

Crude Oil Support Levels are at 41 and 42 currently. We have been posting to stay long above 40 since July 2020.