This/Next Week Forecast (November 23 – 27, 2020)
Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 43.75, which will be followed by reaching resistance level 47.70.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 40, which will be followed by moving down to support level 36.10.
previous week crude oil forecast chart
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.
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.