Oil Technical Analysis 22-01-18

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As we advised last week and as we can see from our previous chart; Crude oil managed to break above the resistance level of 62.60. Here the market may have a chance to sustain any advances made as the next resistance level lies at the 66.00-60 zone.

From that zone and as long as market keeps trading below the 66.60 point, there is a chance for a drop correction with the trading zone shifting towards the support point of 59.00.

Above the 66.60 point, should the day close above this level, the market may experience a new uptrend wave towards the 74.00 zone.

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