Crude oil Thursday Forecast

Thursday Forecast

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 42.00, which will be followed by moving up to resistance level 43.00.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 42.00, which will be followed by reaching support level 40.00.

Chart Crude oil This/Next Week Forecast, Technical Analysis

This/Next Week Forecast (November  16 – 20, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 43,75, which will be followed by moving up to resistance level 47,70.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 43,75, which will be followed by reaching support level 37,00 – 36,10.

Chart Crude oil This/Next Week Forecast, Technical Analysis

previous week crude oil forecast chart
Chart Crude oil This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Difference between supply and demand shows fair price between the levels $45 – 52, but new covid wave and lockdown increasing creating downtrend pressure to the level $30.

Chart Crude Oil Storage, Inventory

Monthly Forecast

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 36.10, which will be followed by reaching resistance level 43.00 and if it keeps on moving up above that level, we may expect the market to reach resistance level 47.70.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 36.10, which will be followed by moving down to support level 32.15 and 28.80.

Chart Crude oil Forecast 2020, Long-term Outlook, Technical Analysis

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