WTI Crude oil may start uptrend from support 52.15 to resistance 53.16

Anton Kolhanov Anton Kolhanov

WTI Crude oil, CL futures market Friday forecast, January 24

Uptrend
An uptrend will start from support level 52.15, which will be followed by moving up to resistance level 53.15.
Downtrend
The downtrend may be expected to continue in case the market drops below support level 52.15, which will be followed by reaching support level 51.00.

Weekly forecast, January 27 - 31

Most important news of this week:
Monday: EU German Ifo Business Climate Index (Jan), US New Home Sales (Dec)
Tuesday: US Core Durable Goods Orders (MoM) (Dec)
Wednesday: US Pending Home Sales (MoM) (Dec), Crude Oil Inventories, FOMC Statement, Fed Interest Rate Decision, FOMC Press Conference
Thursday: EU Unemployment Rate (Dec), US GDP (QoQ) (Q4)
Friday: EU CPI (YoY) (Jan), GDP (YoY), US Michigan Consumer

Forecast and technical analysis
Downtrend
The downtrend may be expected to continue, while pair is trading below resistance level 54.85, which will be followed by reaching support level 50.52 and if it keeps on moving down below that level, we may expect the pair to reach support level 45.50.
Uptrend
An uptrend will start or from support level 50.52, or as soon, as the pair rises above resistance level 54.85, which will be followed by moving up to resistance level 58.00.

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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