WTI Crude oil continue uptrend to 58.00 while trading above 56.35

Anton Kolhanov Anton Kolhanov

WTI Crude oil, Tuesday forecast, November 19

Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 56.55 - 56.35, which will be followed by reaching resistance level 58.
Downtrend
An downtrend will start as soon, as the pair drops below support level 56.35, which will be followed by moving down to support level 55.76.

Weekly forecast, November 18 - 22

This year inventories increasing speed already not enough against 5 years average that soon can create deficit on the market. Same time equity market very optimistic in its further uptrend and all this factors creating potential for a further oil uptrend.

Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while pair is trading above support level 57.45, which will be followed by reaching resistance level 59.25 and 60.20.
Downtrend
An downtrend will start as soon, as the pair drops below support level 57.45, which will be followed by moving down to support level 56.35 and same time this level will be good for news uptrend start back to 57.90 resistance level.

Monthly forecast, November - December

Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 57.00, which will be followed by reaching support level 53.86 - 52.79 and if it keeps on moving down below that level, we may expect the pair to reach support level 50.52.
Uptrend
An uptrend will start as soon, as the pair rises above resistance level 57.00, which will be followed by moving up to resistance level 60.20.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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