WTI Crude Oil Forecast, Wednesday, July 15

WTI Crude oil (CL), Futures market
Wednesday Forecast, July 15
Uptrend
The uptrend may be expected to continue, while crude oil is trading above support level 40.37, which will be followed by reaching resistance level 41.08 - 41.63.
Downtrend
An downtrend will start as soon, as it drops below support level 40.37, which will be followed by moving down to support level 39.60.

Weekly Forecast, July 13 - 17
Uptrend
The uptrend may be expected to continue, while it is trading above support level 38.50, which will be followed by reaching resistance level 42.30.
Downtrend
An downtrend will start as soon, as it drops below support level 38.50, which will be followed by moving down to support level 36.00.

Monthly Forecast, July 2020
Uptrend
An uptrend will start as soon, as crude oil rises above resistance level 41.05, which will be followed by moving up to resistance level 50.50.
Downtrend
The downtrend may be expected to continue, while it is trading below resistance level 41.05, which will be followed by reaching support level 34.35 and if it keeps on moving down below that level, we may expect the it to reach support level 26.00 - 21.42.

 

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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Moon Kil Woong 3 months ago Contributor's comment

If oil survives the usual summer uptrend this year, next year things will be much more rosy. Those however who are in small cap oil may be washed out this year, making the recovery even better. The simple fact is, heavier oil from elsewhere is better than light sweet crude pumped from the US. Few will pay to have it hauled to other countries where it is processed in facilities not designed for this type of oil processing. The fact that Trump has called into question any foreign trade deals with the US hasn't helped.