Oil (F) 2018-01-15

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As we covered last week and as we can see from our previous chart:

Crude oil managed to break above the resistance level of 62.60, where the market may have the chance to sustain it’s advances as the next resistance level lies at 66.00-60.

From that zone the market may have the chance for a drop correction with a trading zone towards the support level of 59.00.

With the daily close of 66.60 above this level there may be a new uptrend wave towards the 74.00 zone.

Support Resistance
Level 1 63.00 64.60
Level 2 61.80 65.50
Level 3 59.00 66.60
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