Crude oil Weekly Forecast

Weekly Forecast (May 8 – 12, 2023)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 73,03, which will be followed by moving up to resistance level 80,97.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 73,03, which will be followed by reaching support level 64,58.

Monthly Forecast, May 2023

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 73,03, which will be followed by moving up to resistance level 82,98.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 73,03, which will be followed by reaching support level 64,58 and if it keeps on moving down below that level, we may expect the market to reach support level 59,06.

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