WTI Crude Oil Weekly Forecast
This/Next Week Forecast
(September 21 - 25, 2020)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 40.35, which will be followed by reaching resistance level 43.00 - 43.75 and if it keeps on moving up above that level, we may expect the market to reach resistance level 47.70.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 40.35, which will be followed by moving down to support level 36.60.
previous week crude oil forecast chart
Fundamental Analysis
Difference between supply and demand shows oversold market and the fair price at the level $52. Manufacturing recovery and speed of decreasing stocks pushing price to this target level. As minimum price $43 will be reached on this week.
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.
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-