Crude oil Tuesday Forecast

Tuesday Forecast

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 46.70, which will be followed by reaching resistance level 48.12 and if it keeps on moving up above that level, we may expect the market to reach resistance level 49.30.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 46.70, which will be followed by moving down to support level 45.55.

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

This/Next Week Forecast (December 21 – 25, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 47.70, which will be followed by reaching resistance level 53.50.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 47.70, which will be followed by moving down to support level 45.55.

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

previous week forecast

Fundamental Analysis

Difference between supply and demand shows fair price between the levels $45 – 53, but new covid wave and lockdown increasing create downtrend pressure to the level $30.

Chart Crude Oil Storage, Inventory

Monthly Forecast, December 2020

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 43.00, which will be followed by reaching resistance level 53.50.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 43.00, which will be followed by moving down to support level 36.10 – 33.60.

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

previous month forecast

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