Crude Oil Weekly Forecast, Sept. 28 - Oct. 2

Upcoming Week Forecast (September 28 - October 2, 2020)

• Uptrend scenario: The uptrend may be expected to continue if the market trades above support level 38.70, which would be followed by reaching resistance level 41.65 and 43.
• Downtrend scenario: A downtrend may start as soon as the market drops below support level 38.70, which would be followed by moving down to support level 36.10.

Previous Week Crude Oil Forecast Chart

Fundamental Analysis

The difference between supply and demand and price is illustrated between the levels of 45 and 52.

Long-term Forecast (Quarter III: July - September, 2020)

• Uptrend scenario: An uptrend may start as soon as crude oil rises above resistance level 41.05, which would be followed by moving up to resistance level 50.50.
• Downtrend scenario: The downtrend may be expected to continue if crude oil trades below resistance level 41.05, which would be followed by reaching support level 34.35. And if it kept on moving down below that level, we may expect it to reach the support level 26.00 - 21.42.