Oil Technical Analysis 23-01-18

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As we discussed last week and as indicated from our previous charts:

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

From that zone and as long as the market keeps trading below 66.60, we expect that there is a chance for a drop correction creating a trading zone towards the support level at 59.00.

Above the 66.60 point, with the daily close above this level, there may be a change for a new uptrend wave towards the 74.00 zone.

Support Resistance
Level 1 62.75 64.60-80
Level 2 61.80 65.50
Level 3 59.00 66.60

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