Crude oil Weekly Forecast, September 21 – 25

This/Next Week Forecast
(September 21 – 25, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 40.35, which will be followed by reaching resistance level 43.00 – 43.75 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 40.35, which will be followed by moving down to support level 36.60.

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 oversold market and the fair price at the level $52. Manufacturing recovery and speed of decreasing stocks pushing price to this target level. As minimum price $43 will be reached on this week.

Chart Crude Oil Storage, Inventory

Long-term Forecast
(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

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