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.
All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to buy or sell any trading instrument. Anton Kolhanov is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. You should do your own thorough research before making any investment decisions and seek advice from an independent financial advisor.
Recommended Content
Editors’ Picks
AUD/USD risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Bitcoin price shows strength as IMF attests to spread and intensity of BTC transactions ahead of halving
Bitcoin (BTC) price is borderline strong and weak with the brunt of the weakness being felt by altcoins. Regarding strength, it continues to close above the $60,000 threshold for seven weeks in a row.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.