Crude Oil Weekly Forecast, August 31 - September 4

Weekly Forecast (August 31 - September 4, 2020)

Uptrend scenario
The uptrend may be expected to continue in case the 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 the pair drops below support level 42.30, which will be followed by moving down to support level 40.35 and if it keeps on moving down below that level, we may expect the market to reach support level 38.70 and 36.60.

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Previous week crude oil forecast chart

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Fundamental analysis

According to the Fundamental Analysis difference between supply and demand shows an oversold market and the fair price at the price level of $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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