Crude Oil Forecast, Technical Analysis

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  • 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.

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