WTI Crude Oil Going To Resistance While Trading Above Support
Anton Kolhanov | Jan 17, 2020 10:37AM ET
WTI Crude Oil, CL futures market
Friday forecast, January 17
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 58.37, which will be followed by reaching resistance level 58.88 and 59.27.
Downtrend
A downtrend will start as soon, as the pair drops below support level 58.37, which will be followed by moving down to support level 57.90.
Weekly forecast, January 13 - 17
Most important news of this week:
Monday: -
Tuesday: US Core CPI (YoY) (Dec)
Wednesday: US-China trade war phase 1 deal, Crude Oil Inventories
Thursday: EU ECB Publishes Account of Monetary Policy Meeting, US Core Retail Sales (MoM) (Dec)
Friday: EU Core CPI (YoY) (Dec)
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 58.35, which will be followed by reaching resistance level 63.70.
Downtrend
An downtrend will start as soon, as the pair drops below support level 57.90, which will be followed by moving down to support level 55.20.
Monthly forecast, January - February
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 63.38, which will be followed by reaching resistance level 66.60.
Downtrend
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An downtrend will start as soon, as the pair drops below support level 63.38, which will be followed by moving down to support level 61.45 and if it keeps on moving down below that level, we may expect the pair to reach support level 58.00.
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