WTI Crude Oil Can Continue The Downtrend Below 57.90 To 57.00

WTI Crude oil, Tuesday forecast, January 14

Uptrend

An uptrend will start as soon, as the crude oil rises above resistance level 58.30, which will be followed by moving up to resistance level 59.30.

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 57.00.

(Click on image to enlarge)

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)

Disclaimer: All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. ...

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