WTI Crude Oil, If Today's News Will Be Positive, Next Target We Can Wait On 54.80

Forex Trader • Jul 17, 2019 at 7:55 AM EDT

Market is trading in a downtrend, but have potential for correction to 59.25 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 61.45.

Wednesday forecast, July 17
Market is trading in a downtrend, but have potential for correction to 59.25 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 61.45.

Alternative scenario:

The downtrend may be expected to continue in case the market drops below support level 56.75, which will be followed by reaching support level 54.80.

Crude oil weekly forecast, July 15 - 19

The pair is trading along an uptrend with target on 61,45, 63,10 and may be expected to continue, while pair is trading above support level 59,25.
A downtrend will start as soon, as the pair drops below support level 59,25, which will be followed by moving down to support level 57,50.

Disclaimer:

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