Crude Oil Price Forecast – Crude Oil Markets Fall Again

WTI Crude Oil

The West Texas Intermediate Crude Oil market had a wild day on Thursday, reaching towards the highs and gaining 9%, before turning around to lose 10%, before closing for the week. That being the case, the market looks as if it is going to try to reach towards the bottom again, but it should also be noted that the OPEC meeting could change everything. If OPEC can come up with a 20 million barrel a day production cut, then that could help crude oil. Otherwise, I anticipate that the market may be a bit hesitant to continue to try to rally. At this point, if we do rally, the $30 level will be a massive resistance level above. The $20 level underneath offer support still. If we break down below there, then crude oil will collapse again.

Crude Oil Video 13.04.20

Brent

Brent markets also try to rally during the trading session on Thursday but gave back the gains rather rapidly, as the market tried to pierce the $35 level on Thursday, before giving back the gains. The Good Friday holiday of course had the markets closed, so Monday will be a reaction to the OPEC decision. The $30 level underneath is support, so if that gets broken through it’s likely that this market goes looking towards the $27.50 level and then the $25 level after that. On the other hand, if we break the highs from the Thursday session it’s likely that we will go looking towards the $40 level which is also the scene of the 50 day EMA currently.