27.01.202607:15 Forex Analysis & Reviews: Crude Oil still has the potential to weaken toward its nearest support level Today

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

[Crude Oil]

With the appearance of a Bearish Divergence, #CL has the potential to weaken toward its nearest support level today.

Key Levels

1. Resistance. 2 : 62.31

2. Resistance. 1 : 61.57

3. Pivot : 60.94

4. Support. 1 : 60.20

5. Support. 2 : 59.57

Tactical Scenario

Pressure Zone: If the price breaks down below 60.20, there is potential of pressure toward 59.57.

Momentum Extension Bias: If 59.57 is broken to the downside, there is potential to test 58.83.

Invalidation Level / Bias Revision

The downside bias is restrained if #CL breaks out and closes above 62.31.

Technical Summary

EMA(50) : 60.73

EMA(200): 60.39

RSI(14) : 36.32 + Bearish Divergent

Economic News Release Agenda:

Tonight the United States will release the following economic data:

US - ADP Weekly Employment Change - Tentative

US - HPI m/m - 21:00 WIB

US - S&P/CS Composite-20 HPI y/y - 21:00 WIB

US - CB Consumer Confidence - 22:00 WIB

US - Richmond Manufacturing Index - 22:00 WIB

US - API Weekly Statistical Bulletin - 04:30 WIB

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.