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Crude Oil is likely to move down to the 64,67 level

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Weekly forecast, May 22 – 26, 2023

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 73,81, which will be followed by moving up to resistance level 76,74.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 73,81, which will be followed by reaching support level 69,39 and if it keeps on moving down below that level, we may expect the market to reach support level 64,67.

Monthly forecast, May 2023

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 73,03, which will be followed by moving up to resistance level 82,98.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 73,03, which will be followed by reaching support level 64,58 and if it keeps on moving down below that level, we may expect the market to reach support level 59,06.

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