13.01.202606:57 Forex Analysis & Reviews: Crude Oil has the potential to continue its strengthening bias today, despite the possibility of a limited correction.

[Crude Oil]

Although there is potential for a correction indicated by the appearance of a Bearish Divergence on RSI(14), but with the Golden Cross condition between the two EMAs, suggests that #CL has the opportunity to strengthen again.

Key Levels

1. Resistance. 2 : 60.85

2. Resistance. 1 : 60.34

3. Pivot : 59.40

4. Support. 1 : 58.89

5. Support. 2 : 57.95

Tactical Scenario

Positive Reaction Zone: If the price holds above 59.40, there is a possibility #CL will rise toward 60.34.

Momentum Extension Bias: If 60.34 is broken and closes above, Crude Oil could continue strengthening to 60.85.

Invalidation Level / Bias Revision

The upside bias weakens if Crude Oil falls and breaks below 57.95.

Technical Summary

EMA(50) : 59.28

EMA(200): 58.36

RSI(14) : 58.78 + Bearish Divergent

Economic News Release Agenda:

Tonight from the United States the following economic data will be released:

US - NFIB Small Business Index - 18:00 WIB

US - ADP Weekly Employment Change - Tentative

US - Core CPI m/m - 20:30 WIB

US - CPI m/m - 20:30 WIB

US - CPI y/y - 20:30 WIB

US - New Home Sales - 22:00 WIB

US - RCM/TIPP Economic Optimism - Tentative

US - 30-y Bond Auction - 01:01 WIB

US - Federal Budget Balance - 02:00 WIB

US - API Weekly Statistical Bulletin - 04:30 WIB