Crude Oil – Weekly Forecast 06 -10 Jan

oil-65984-min-compressor

Recommendations: LONG positions above 90.50  with  95.90 & 97.75 as next targets.
Alternative scenario: The downside breakout of 90.50 will open 88.60/86.70 levels.
Description: The crude oil approaches from critical support on the weekly time frame, Initial bias is neutral this week as long as the key support 90.50 holds, losing 90.50 would resume the bearish move towards 88.60/86.70 levels. On the upside; stability above 90.50 could mean a return to the 95.70/97.75 levels, above 97.75 would open 100.00 levels next.

Support and resistance  : 84.80 , 86.70 , 88.60, 90.50 (Pivot) , 92.40  , 94.30, 96.20 , 97.75 .

 

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