WTI Crude oil, Tuesday forecast, October 29
The oil market oversupplied with this year's inventories and rebounded down from very strong resistance 56.55, which create potential for further downtrend.
Forecast and technical analysis:
The downtrend may be expected to continue in case the market drops below support level 55.41, which will be followed by reaching support level 54.77. An uptrend will start as soon, as crude oil rises above resistance level 55.60, which will be followed by moving up to resistance level 56.24.
(Click on image to enlarge)
Weekly forecast, October 28 - November 1
The downtrend may be expected to continue, while crude oil is trading below resistance level 56.66, which will be followed by reaching support level 55.41 and 54.77. An uptrend will start as soon, as crude oil rises above resistance level 56.66, which will be followed by moving up to resistance level 58.12.
(Click on image to enlarge)
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