Crude Oil Forecast, Technical Analysis

  • WTI Crude oil, Wednesday forecast, November 6
    Oil market inventories oversupplied, that create pressure for downtrend. Yesterday we had API news and they were +4.2 million barrels. Today we have inventories news and if they will be over 0 or above it, this will increase downtrend potential.

    Forecast and technical analysis
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 57.43, which will be followed by reaching support level 56.29 and if it keeps on moving down below that level, we may expect the pair to reach support level 54.77.
    Uptrend
    The uptrend may be expected to continue in case the market rises above resistance level 57.43, which will be followed by reaching resistance level 58.15, 59.25.

    Weekly forecast, November 4 – 8
    This year oil inventories oversupplied against 5 years inventories that can push oil prices down. Same time during US – China trade war we still do not see world economy recovery, when in Euro zone Manufacturing PMI below 50 points that saying about EU recession. Trade war still continue and even its phase one not finished. FED said that will not continue to decrease % rates, as US economy looks already good, but this is only intermediate view on US economy and looking on economic indicators we can’t say that US already have clear economy uptrend. Oil now trading on long-term resistance over price 57.00 that should push prices down to support 53.80.

    Forecast and technical analysis
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 57.00, which will be followed by reaching support level 53.86.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 57.00, which will be followed by moving up to resistance level 58.15, 59.25 and 60.20.

    Monthly forecast, November – December
    Downtrend
    The downtrend may be expected to continue, while pair is trading below resistance level 57.00, which will be followed by reaching support level 53.86 – 52.79 and if it keeps on moving down below that level, we may expect the pair to reach support level 50.52.
    Uptrend
    An uptrend will start as soon, as the pair rises above resistance level 57.00, which will be followed by moving up to resistance level 60.20.

Training Course “Strategist” trading system

Trading signals based on forecast

FREE FORECASTS SUBSCRIPTION