Crude Oil (WTI) price forecast, long term prediction, outlook (April 2021)

In this article we make a Crude Oil price forecast and longterm prediction. We would like to give an assessment of the future price development of the Light Crude Oil Futures (WT). We look at all important time frames like the daily, weekly and monthly chart, but also the long term charts for Crude Oil, which are the quarterly and yearly charts with logarithmic scale. The basis of our analysis is Price Action and Technical Chart Analysis.

The charts used are from TradingView and the prices are from the Gold Futures traded at NYMEX.

Crude Oil (WTI) Price Forecast: Daily Chart

Last update: April 19, 2021

The Crude Oil price on the daily chart shows an established uptrend. The market has climbed above important resistance level of 2020 high and was rejected. Now the price is building a sideways base above the mark of the 2006 low.

Crude Oil price forecast daily chart showing sideways movement
Crude Oil price forecast: Established uptrend in temporary sideways action (Chart: TradingView)

Resistance: 65.65 | 67.15
Support:  57.05 | 49.43

Crude Oil price forecast: We expect to see a continuation of the current uptrend, as long as Crude Oil prices could hold above 57.05. Next important price target is at $70 and then the 2018 high. Prices below $57.05 could lead to weakness and downside potential to the Dec’20 high at 49.43.

Crude Oil (WTI) Price Forecast: Weekly Chart

Last update: April 19, 2021

The Crude Oil price on the weekly chart shows a defined short-term uptrend and is traded above support levels around $57.00.

Crude Oil price forecast weekly chart at $63.52
Crude Oil price forecast: Defined uptrend (Chart: TradingView)

Resistance:  $65.65 | $67.15
Support: $57.05 | $49.43

Crude Oil price forecast: We expect to see a continuation of the current uptrend. Prices heading above $67.15 could lead to more strength and price advance until $74.95. On the flip side, prices below $57 could lead to weakness and downside potential to the Dec’20 high at 49.43.

Crude Oil (WTI) Price Forecast: Monthly Chart

Last update: April 19, 2021

The Crude Oil price on the monthly chart seems to have found key support at the 2009 low around the 33.55 level. Since January, we have seen strong Crude Oil prices trading above the December 2020 high at 49.43.

Crude Oil price forecast monthly chart dealing with resistance line
Crude Oil price forecast: Price is dealing with the resistance line (Chart: TradingView)

Resistance: $67.15 | $74.95 
Support: $65.65 | $57.05 | $49.43

Crude Oil price forecast: We expect to see more strength and price advance up to $70.00 if a break through the resistance line would be possible. Prices below $57 would lead to weakness again and create downside potential to the 1990 high at 41.15.

Crude Oil (WTI) Price Outlook: Quarterly Chart

Last update: April 19, 2021

The Crude Oil price shows a major support zone between the 2009 low at 33.55 and the 1990 high at 41.15. Currently the price was rejected from the resistance at the 2010 low.

Crude Oil (WT)) price outlook based on quarterly chart at $63.54
Crude Oil price predictions: Resistance at the 2010 low (Chart: TradingView)

Resistance: $65.65 | $67.15 
Support:$57.05 | $49.43

Crude Oil price outlook: We expect a continuation of the price advance which we have seen in the fourth quarter of 2020 but have to be aware of the upcoming reistance levels. Next major price target could be the 2018 high at 67.15. On the flip side, prices below $50 could lead to weakness and downside potential to the 2009 low at 33.55.

Crude Oil (WTI) Price Predictions: Historical Chart – Yearly Chart

Last update: April 19, 2021

The Crude Oil price on the yearly chart shows a trading range or sideways price action for the last six years. The panic low in 2020 was at (negative) $ -40.32 as a reaction to corona crash.

Crude Oil (WT)) price predictions based on yearly timeframe - historical chart at $ 63.52
Crude Oil price predictions: Trading Range above 1990 high (Chart: TradingView)

Resistance: $65.65 | $67.15 | $76.90
Support: $57.05 | $49.43 | $41.15

Crude Oil price predictions: We expect to see a continuation of trendless price action between $40 and $75. Prices below $40 could lead to more weakness and downside potential to the 2009 low at 33.55.

What is the current price of Crude Oil (WTI) Futures ?

The current price of Crude Oil (WTI) Futures you can see here.

*This price prediction is based on the data collected from various sources. This should not be considered as an investing parameter and user should do their own research before investing.

Do you think our predictions are accurate? What are your thoughts on the methods used to reach our conclusions? Let us know in the comments below.

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