Crude Oil Price Forecast – Crude Oil Markets Bounce

WTI Crude Oil

The West Texas Intermediate Crude Oil market has bounced a bit from the $30 level, the biggest round figure that it was close to at the end of the day. At this point, the $35 level above is resistance, and if we were to break above there, it’s likely that the market could go looking towards the $42 level which is where we gapped lower. At this point, the market breaking above there would be a huge sign of strength. That is very unlikely though, as we continue to see a lot of uncertainty. To the downside, if we break down below the $30 level, it’s likely that the market will revisit the lows again. With the flooding of crude oil into the marketplace, it’s very likely we see that.

Crude Oil Video 11.03.20

Brent

Brent of course looks very much the same, as these two markets tend to move in the same direction. The $40 level above is massive resistance, and most certainly the $45 level will be as it’s where we have gapped from. Ultimately, any rally towards that area should attract enough selling pressure rolled right back over. Having said that, the market could just rollover from here and go looking towards the $30 level. I’m not interested in buying crude oil right now, because quite frankly I think there is a high probability the rallies at this point will continue to attract sellers as we have seen so much in the way of negative news flow, which is only going to extend further.