Crude oil weekly forecast

Anton Kolhanov Anton Kolhanov

This/Next Week Forecast
(September 28 - October 2, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 38.70, which will be followed by reaching resistance level 41.65 and 43.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 38.70, which will be followed by moving down to support level 36.10.

previous week crude oil forecast chart

Fundamental Analysis

Difference between supply and demand showing fair price between the levels 45 - 52.

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 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.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

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