Crude Oil Price Forecast for January 31, 2017
Crude Oil Price Fundamental Analysis
Crude oil price were unable to hold their gains and slipped throughout the trading session, making a lower high and a lower low. Friday larger than expected increase in the Baker Hughes rig count has generated additional headwinds for prices. U.S. production has been strong and continues to take the place of production vacated by OPEC.
Resistance is seen near the 10-day moving average at 52.88, and support is seen near the January lows at 51.59. Prices continue to hover near the 53 handle. Momentum is neutral as the MACD (moving average convergence divergence) index is printing near the zero-index level with a flat trajectory which reflects consolidation.
Crude Oil Price Technical Forecast
Support 1: 52.43
Support 2: 52.18
Support 3: 51.78
Resistance 1: 53.23
Resistance 2: 53.48
Resistance 3: 53.88