Crude Oil Forecast - Tuesday, Oct. 13

Tuesday Forecast

Uptrend scenario

The uptrend may be expected to continue, while the crude oil market is trading above support level 38.70, which will be followed by reaching resistance level 41.10 - 41.65.

Downtrend scenario

A downtrend will start as soon, as the crude oil market drops below support level 38.70, which will be followed by moving down to support level 36.60.

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This/Next Week Forecast (October 12 - 16, 2020)

Uptrend scenario

An uptrend will start as soon, as the crude oil market rises above resistance level 41.65, which will be followed by moving up to resistance level 43.75.

Downtrend scenario

The downtrend may be expected to continue, while the crude oil market is trading below resistance level 41.65, which will be followed by reaching support level 38.70 and if it keeps on moving down below that level, we may expect the crude oil market to reach support level 36.60.

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Previous week crude oil forecast chart

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Fundamental Analysis

Difference between supply and demand showing fair price between the levels 45 - 52.

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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 the 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.

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