WTI Crude oil, CL futures market, Tuesday forecast, January 21

Uptrend

An uptrend will start as soon, as crude oil rises above resistance level 58.30, which will be followed by moving up to resistance level 59.04.

Downtrend

A downtrend will start as soon, as the crude oil pair drops below support level 57.90, which will be followed by moving down to support level 57.35.

(Click on image to enlarge)

Weekly forecast, January 20 - 24

Most important news of this week:

• Monday: United States - Martin Luther King, Jr.
• Tuesday: EU ZEW Economic Sentiment (Jan)
• Wednesday: US Existing Home Sales (Dec)
• Thursday: EU Deposit Facility Rate (Jan), EU ECB Monetary Policy Statement, EU ECB Press Conference, Crude Oil Inventories
• Friday: EU German Manufacturing PMI (Jan), EU Manufacturing PMI (Jan), US Manufacturing PMI (Jan)

Forecast and technical analysis

Uptrend

The uptrend may be expected to continue, while crude oil is trading above support level 57.50, which will be followed by reaching resistance level 60.20 - 61.45.

Downtrend

A downtrend will start as soon, as crude oil drops below support level 57.50, 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)