WTI Crude oil may start correction to 59.04 with break up of resistance 58.30

Anton Kolhanov Anton Kolhanov

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

Uptrend
An uptrend will start as soon, as the pair rises above resistance level 58.30, which will be followed by moving up to resistance level 59.04.
Downtrend
An downtrend will start as soon, as the pair drops below support level 57.90, which will be followed by moving down to support level 57.35.

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)
Thusrday: 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 pair is trading above support level 57.50, which will be followed by reaching resistance level 60.20 - 61.45.
Downtrend
An downtrend will start as soon, as the pair drops below support level 57.50, which will be followed by moving down to support level 55.20.

Monthly forecast, January - February

Uptrend
The uptrend may be expected to continue, while pair is trading above support level 63.38, which will be followed by reaching resistance level 66.60.
Downtrend
An downtrend will start as soon, as the pair 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 the pair to reach support level 58.00.

Author

Anton Kolhanov

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

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