Crude oil Weekly Forecast, August 24 – 28

Crude Oil Price Forecast For This/Next Week
(August 24 – 28, 2020)

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 43.45, which will be followed by reaching resistance level 47.7.

Downtrend scenario
An local downtrend will start as soon, as the pair drops below support level 43, which will be followed by moving down to support level 41.55 and if it keeps on moving down below that level, we may expect the market to reach support level 38.70.

Chart Crude oil This/Next Week Forecast, Technical Analysis
chart: wti crude oil market outlook, technical analysis

previous week crude oil forecast chart
Chart Crude oil This/Next Week Forecast, Technical Analysis

Crude oil Price Forecast 2020, Long-term
(Quarter III: July – September, 2020)

Uptrend scenario
An uptrend will start as soon, as the pair rises above resistance level 41.05, which will be followed by moving up to resistance level 50.50.

Downtrend scenario
The downtrend may be expected to continue, while pair is trading below resistance level 41.05, which will be followed by reaching support level 34.35 and if it keeps on moving down below that level, we may expect the pair to reach support level 26.00 – 21.42.

Chart Crude oil Forecast 2020, Long-term Outlook, Technical Analysis
chart: wti crude oil technical analysis, market outlook

Crude oil Price Prediction

According to Fundamental Analysis difference between supply and demand shows oversold market and the fair price at the price level $52.

Chart Crude Oil Storage, Inventory
chart: wti crude oil inventory, ending stocks 5 years average with this year, 2020

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