WTI Crude Oil May Reach Resistance Level At 60.20 While Trading Above Support Level At 58.35

WTI Crude oil, Monday forecast, January 13

Uptrend

The uptrend may be expected to continue, while crude oil is trading above support level 58.35, which will be followed by reaching resistance level 60.20.

Downtrend

A downtrend will start as soon, as crude oil drops below support level 57.90, which will be followed by moving down to support level 55.20.

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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 crude oil is trading above support level 58.35, which will be followed by reaching resistance level 63.70.

Downtrend

A downtrend will start as soon, as crude oil drops below support level 57.90, which will be followed by moving down to support level 55.20.

(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)