Crude Oil Weekly Price Forecast – Crude Oil Markets Get Hammered Again

WTI Crude Oil

The WTI Crude Oil market fell hard during the week, breaking down below the $10 level at one point before turning around to spike towards the $18.00 level. At this point in time, it makes sense that the market is rallying towards the $20 level where we should see plenty of selling. The candlestick is bullish in and of itself considering that it is trying to be a massive hammer, but the increase volatility suggests that we are going to see sellers on rallies and therefore that is how I approach this market. It is a bit difficult to do on the weekly chart due to the fact that the candlestick is so huge but clearly there is a lot of downward pressure as we broke through a massive support level in the form of $20.

WTI Oil Video 27.04.20

Brent

Brent markets also did a lot of damage during the week, breaking down below the $25 level. Ultimately, this is a market that I believe continues to see a lot of negativity as well, so looking at a short-term rally in my estimation is going to be an invitation to start selling. The $25 level is an area that is an area that had seen a lot of support, and now it should be a significant resistance barrier. To the downside, if we can break down below the $20 level, then it is likely that we could go down towards the lows again. Quite frankly, I think that Brent looks just as soft as WTI.