Oil Technical Analysis 19-01-18

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As we advised last week and as we examined in our previous charts:

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

From that zone, should the market keep trading below the 66.60 point, there is a chance for a drop correction with the trading zone moving towards the support at 59.00.

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

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