Weekly Forecast
(August 24 - 28, 2020)
Uptrend scenario
The uptrend may be expected to continue in case the crude oil market rises above resistance level 43.45, which will be followed by reaching resistance level 47.7.
Downtrend scenario
A local downtrend will start as soon, as crude oil 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.
Previous week crude oil forecast chart
Quarterly Forecast
(Quarter III: July - September, 2020)
Uptrend scenario
An uptrend will start as soon, as crude oil 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 crude oil 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 crude oil to reach support level 26.00 - 21.42.
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.
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