DAILY NOTION - FXEMPIRE - Crude Oil Forecast - Nov 19, 2020
U.S. West Texas Intermediate crude oil futures are trading nearly flat on Thursday as the surge in coronavirus cases and tighter economic restrictions around the world stoked fears of another round of demand destruction, outweighing optimistic vaccine news.
At 07:10 GMT, January WTI crude oil futures are trading $41.97, down $0.04 or -0.10%.
What's next?
The direction of the January WTI crude oil futures contract is likely to be determined by trader reaction to $41.83.
For bullish scenario, a sustained move over $41.83 will indicate the presence of buyers. The first upside target is yesterday’s high at $42.68. A breakout over this level will target the main top at $43.33. If this top is taken out then look for the rally to possibly extend into the August 26 top at $44.59.
For bearish scenario, a sustained move under $41.83 will signal the presence of sellers. If this creates enough downside momentum then look for a test of the support cluster at $40.56 to $40.33. Buyers could come in on the first test of this area, but if it fails then look for the selling to possibly accelerate into $39.32.
Original analysis: https://www.fxempire.com/forec...
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