WTI Crude Oil Has Potential For Downtrend To 55.20 - 54.85 While Trading Below 56
Anton Kolhanov | Jan 24, 2020 11:15AM ET
WTI Crude oil, CL futures market, Friday forecast, January 24
Downtrend
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The crude oil downtrend may be expected to continue, while pair is trading below resistance level 56.05, which will be followed by reaching support level 55.47, 55.20 and if it keeps on moving down below that level, we may expect the pair to reach support level 54.85.
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Uptrend
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An uptrend will start as soon, as the pair rises above resistance level 56.05 (or from support 54.85), which will be followed by moving up to resistance level 56.53 (or to 55.72 from 54.85).
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Weekly forecast, January 20 - 24
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Most important news of this week:
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Monday: United States - Martin Luther King, Jr.
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Tuesday: EU ZEW Economic Sentiment (Jan)
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Wednesday: US Existing Home Sales (Dec)
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Thusrday: EU Deposit Facility Rate (Jan), EU ECB Monetary Policy Statement, EU ECB Press Conference, Crude Oil Inventories
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Friday: EU German Manufacturing PMI (Jan), EU Manufacturing PMI (Jan), US Manufacturing PMI (Jan)
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Forecast and technical analysis
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Uptrend
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The uptrend may be expected to continue, while pair is trading above support level 57.50, which will be followed by reaching resistance level 60.20 - 61.45.
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Downtrend
An downtrend will start as soon, as the pair drops below support level 57.50, which will be followed by moving down to support level 55.20.
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Monthly forecast, January - February
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Uptrend
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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.
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Downtrend
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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