Upcoming Week Forecast (November 9 - 13, 2020)
- Uptrend scenario: The uptrend may be expected to continue if the market trades above support level 36.10, which would be followed by reaching resistance level 41.10.
- Downtrend scenario: A downtrend may start as soon as the market drops below support level 36.10, which would be followed by moving down to support level 33.60.
Previous Week's Crude Oil Forecast Chart
Fundamental Analysis
The difference between supply and demand and the price is illustrated between the levels of $45 and $52. Additionally, new COVID-19 surge and lockdown concerns increased, thus creating downtrend pressure to the $30 level.
Monthly Forecast
- Uptrend scenario: The uptrend may be expected to continue if the market trades above support level 36.10, which would be followed by reaching resistance level 43.00. If it kept on moving up above that level, we would possibly see the market reach resistance level 47.70.
- Downtrend scenario: A downtrend may start as soon as the market drops below support level 36.10, which would be followed by moving down to support levels 32.15 and 28.80.
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