Crude oil: Difference between supply and demand shows fair price between the levels $53

Anton Kolhanov Anton Kolhanov

This/Next Week Forecast (January 18 – 22, 2021)

Uptrend scenario

The uptrend may be expected to continue in case the market rises above resistance level 53,50, which will be followed by reaching resistance level 57.40.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 53,50, which will be followed by reaching support level 49.50 and if it keeps on moving down below that level, we may expect the market to reach support level 43.00.

Previous week forecast

Fundamental Analysis

Difference between supply and demand shows fair price between the levels $53.

Monthly Forecast, January 2021

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 43.00, which will be followed by reaching resistance level 53.50.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 43.00, which will be followed by moving down to support level 36.10 – 33.60.

Previous month forecast

Author

Anton Kolhanov

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

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