Crude Oil Price Forecast – Crude Oil Markets Continue to Rally

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday, reaching above the $18 level as it looks like we are going to try to reach towards the $20 level above. That was where the market had broken down so significantly a couple of days ago, and now it looks like we are going to trying to “retest” the previous support for potential resistance. Signs of exhaustion in that area should be an opportunity to sell the market again, as it had gotten ahead of itself. I see a massive block of resistance all the way up to the $25 level, so I have no interest in buying.

Crude Oil Video 24.04.20

Brent

Brent markets gapped higher to kick off the trading session, pulled back towards the $20 level, and then showed signs of strength again. The $25 level above was the previous support, and now it looks as if it is a massive resistance barrier. Ultimately, I am looking at that area as a potential selling region due to the fact that market memory should come into play and of course the $25 level is going to attract a certain amount of attention due to the fact that it is a round figure. Ultimately, I do think that this market is likely to see more of a “fade the rally” type of attitude, because quite frankly there is still far too much in the way of oil out there to see demand take it out anytime soon.