Crude oil Tuesday Forecast

Tuesday Forecast

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 47.15, which will be followed by reaching resistance level 48.90 – 49.40.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 47.15, which will be followed by moving down to support level 46.10.

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

This/Next Week Forecast (January 4 – 8, 2021)

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 48.93, which will be followed by reaching resistance level 50.50.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 47.47, which will be followed by moving down to support level 46.10 and if it keeps on moving down below that level, we may expect the market to reach support level 43.85.

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

previous week forecast

The Most Important News Of This Week

Monday
EU – Manufacturing PMI
US – Manufacturing PMI
Tuesday
US – ISM Manufacturing PMI
Wednesday
EU – Markit Composite PMI
US – ADP Nonfarm Employment Change, Markit Composite PMI, FOMC Meeting Minutes
Oil – Crude Oil Inventories
Thursday
EU – Core CPI, ECB Monetary Policy Statement
US – Initial Jobless Claims, ISM Non-Manufacturing PMI
Gas – Natural Gas Storage
Friday
EU – Unemployment Rate
US – Nonfarm Payrolls

Fundamental Analysis

Difference between supply and demand shows fair price between the levels $53.

Chart Crude Oil Storage, Inventory

Monthly Forecast, January 2021

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

Share on facebook
Share on twitter
Share on linkedin

LEARN TO ANALYZE, FORECAST AND TRADE THE MARKETS

Stage One $165
Stage Two $165
Stage Three $165

PROLONGUE TRAINING

Group $95
Mentorship $295