Crude oil: Is the downtrend expected to continue?
|Weekly forecast (November 7 – 11, 2022)
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 93.64, which will be followed by moving up to resistance level 97.66.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 93.64, which will be followed by reaching support level 81.30.
Monthly Forecast, November 2022
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 92.28, which will be followed by moving up to resistance level 107.68.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 92.28, which will be followed by reaching support level 76.90 and if it keeps on moving down below that level, we may expect the market to reach support level 65.65.
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