Crude Oil Price Forecast – Crude Oil Continues to Falter

WTI Crude Oil

The WTI Crude Oil market has fallen again during the trading session on Tuesday, after initially trying to rally. By doing so, it looks as if it is going to threaten the $20 level eventually, as it had offered such a major amount of support. If we break down below there, it will more than likely be a massive stop run that should crush this market, probably sending it down to the $17.50 level rather quickly. After that, the market is more than likely going to go looking towards the $15.00 level. Rallies at this point should be faded, unless of course we can break above the $30 level which I think is the top of the overall consolidation.

Crude Oil Video 15.04.20

Brent

Brent of course is behaving very much the same, falling during the Tuesday session. The $30 level looks to be offered a little bit of support during the trading session, and it does look as if Brent is doing a bit better than WTI, but at the end of the day they will move in the same direction. The $25 level underneath will continue to see a lot of support, and if we were to break down below there the bottom will fall out of this market. In the meantime, I believe that we are simply bouncing around between the $35 level on the top and the $25 level on the bottom. As long as that continues to be the case, I am bearish, and I do like fading rallies more than anything else as demand has fallen off of a cliff.