Crude oil Weekly Forecast

This/Next Week Forecast (November  9 – 13, 2020)

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 41.10.
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 33.60.

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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