WTI Crude oil, Monday forecast, December 16
Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 60.48, which will be followed by reaching resistance level 61.45.
Downtrend
A downtrend will start as soon, as the pair drops below support level 59.85, which will be followed by moving down to support level 59.10 and if it keeps on moving down below that level, we may expect crude oil to reach support level 58.33.
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Weekly forecast, December 16 - 20
Most important news of this week:
- Monday: EU Manufacturing PMI (Dec), USA Manufacturing PMI (Dec), US Markit Composite PMI (Dec);
- Tuesday: -
- Wednesday: German Ifo Business Climate Index (Dec), EU Core CPI (YoY)(Nov), Crude Oil Inventories;
- Thursday: US Existing Home Sales (Nov)
- Friday: US GDP (QoQ)(Q3), US Core PCE Price Index (YoY)(Nov), US Michigan indexes.
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue in case the market rises above resistance level 60.25, which will be followed by reaching resistance level 61.45 and if it keeps on moving up above that level, we may expect crude oil to reach resistance level 63.40, in other way, from resistance 61.45 can start correction back to support 58.35 - 58.00.
Downtrend
A downtrend will start as soon, as the pair drops below support level 58.00, which will be followed by moving down to support level 55.15.
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Monthly forecast, December 2019 - January 2020
Uptrend
The uptrend may be expected to continue, while crude oil is trading above support level 57.90, which will be followed by reaching resistance level 60.20 and 61.45.
Downtrend
A 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 and if it keeps on moving down below that level, we may expect crude oil to reach support level 52.80.
(Click on image to enlarge)
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