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Crude Oil Price Forecast – Crude Oil Markets Continue To Fall Apart

The crude oil markets fell rather drastically during the trading session on Thursday again as we continue to worry about a lack of global demand with the virus outbreak.
Christopher Lewis

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken down rather significantly during the trading session on Thursday, as we continue to see a lot of markets worry about the spreading of the coronavirus and its impact on the demand for crude oil. As we have sliced down so drastically, it looks as if we will test the $45 level in the rallies should continue to be selling opportunities going forward. With that, I believe that the $50 level now offers a significant amount of resistance that will come into play and therefore shorting signs of exhaustion will more than likely continue to reap benefits for those who are patient enough to wait for them.

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Crude Oil Video 28.02.20

Brent

Brent markets also have broken down significantly during the trading session on Thursday to press the $50 level. The $50 level underneath is a large, round, psychologically significant figure the people will be paying attention to, and the fact that we bounce from there suggests that at least the technical analysis standpoint of that level is still significant. That being said, it does look like any rally at this point should be a selling opportunity, especially near the $53 level. The $55 level above is the top of that resistance barrier, and if we can break above there then the market may have an argument towards the $60 level. All things being equal, this is a market that continues to suffer at the hands of the virus outbreak, and the slowing global demand, not only in Asia, but possibly in the European Union as well.

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