Thursday Forecast
Uptrend scenario
An uptrend will start as soon, as the crude oil market rises above resistance level 42.00, which will be followed by moving up to resistance level 43.00.
Downtrend scenario
The downtrend may be expected to continue, while the crude oil market is trading below resistance level 42.00, which will be followed by reaching support level 40.00.
This/Next Week Forecast (November 16 - 20, 2020)
Uptrend scenario
An uptrend will start as soon, as the crude oil market rises above resistance level 43,75, which will be followed by moving up to resistance level 47,70.
Downtrend scenario
The downtrend may be expected to continue, while the crude oil market is trading below resistance level 43,75, which will be followed by reaching support level 37,00 - 36,10.
Previous week crude oil forecast chart
Fundamental Analysis
The difference between supply and demand shows a 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 the crude oil 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 crude oil market to reach resistance level 47.70.
Downtrend scenario
A downtrend will start as soon, as the crude oil market drops below support level 36.10, which will be followed by moving down to support level 32.15 and 28.80.
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