WTI Crude oil, Tuesday forecast, November 19
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while crude is trading above support level 56.55 - 56.35, which will be followed by reaching resistance level 58.
Downtrend
A downtrend will start as soon, as crude drops below support level 56.35, which will be followed by moving down to support level 55.76.
(Click on image to enlarge)
Weekly forecast, November 18 - 22
This year oil inventories oversupplied against 5 years inventories which will soon create a deficit on the market. At the same time, the market looks very optimistic in its further uptrend and all these factors for creating a potential for a further oil uptrend are present.
Forecast and technical analysis
Uptrend
The uptrend may be expected to continue, while crude is trading above support level 57.45, which will be followed by reaching resistance level 59.25 and 60.20.
Downtrend
A downtrend will start as soon, as crude drops below support level 57.45, which will be followed by moving down to support level 56.35 and at the same time this level will be good for news uptrend start back to 57.90 resistance level.
(Click on image to enlarge)
Monthly forecast, November - December
Downtrend
The downtrend may be expected to continue, while crude is trading below resistance level 57.00, which will be followed by reaching support level 53.86 - 52.79 and if it keeps on moving down below that level, we may expect crude to reach support level 50.52.
Uptrend
An uptrend will start as soon, as crude rises above resistance level 57.00, which will be followed by moving up to resistance level 60.20.
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.