WTI Crude oil, CL futures market
Wednesday forecast, January 29
Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 54.25, which will be followed by reaching resistance level 54.85.
Downtrend
A downtrend will start as soon, as crude oil drops below support level 53.58, which will be followed by moving down to support level 53.24 and 52.80.
(Click on image to enlarge)
Weekly forecast, January 27 - 31
Most important news of this week:
- Monday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)
- Tuesday: US Core Durable Goods Orders (MoM) (Dec)
- Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference
- Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)
- Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer
Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while crude oil is trading below resistance level 54.85, which will be followed by reaching support level 50.52 and if it keeps on moving down below that level, we may expect crude oil to reach support level 45.50.
Uptrend
An uptrend will start or from support level 50.52, or as soon, as crude oil rises above resistance level 54.85, which will be followed by moving up to resistance level 58.00.
(Click on image to enlarge)
Monthly forecast, January - February
Uptrend
The uptrend may be expected to continue, while crude oil is trading above support level 63.38, which will be followed by reaching resistance level 66.60.
Downtrend
A downtrend will start as soon, as crude oil 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 crude oil to reach support level 58.00.
(Click on image to enlarge)
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