WTI Crude Oil: Downtrend will start if the pair drops below 33.78

Anton Kolhanov Anton Kolhanov

WTI Crude oil (CL), Futures market Thursday forecast, May 21

Uptrend

The uptrend may be expected to continue, while pair is trading above support level 33.78, which will be followed by reaching resistance level 33.43 and 36.35.

Downtrend

A downtrend will start as soon, as the pair drops below support level 33.78, which will be followed by moving down to support level 33.11 and 32.50.

Weekly forecast, May 18 - 22

Uptrend

The uptrend may be expected to continue in case the market rises above resistance level 33.40, which will be followed by reaching resistance level 36.35 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 41.05 - 42.35.

Downtrend

A downtrend will start as soon, as the pair drops below support level 27.80, which will be followed by moving down to support level 23.46 and 20.30 - 19.25.

Monthly forecast, May 2020

Uptrend

The uptrend may be expected to continue in case the market rises above resistance level 20.48, which will be followed by reaching resistance level 22.75 and 26.15.

Downtrend

A downtrend will start as soon, as the pair drops below support level 16.90, which will be followed by moving down to support level 11.00.

Author

Anton Kolhanov

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

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