Crude Oil Forecast - Oil Technical Analysis for April 21, 2020

Crude Oil Forecast - Oil Technical Analysis for April 21, 2020

Crude Oil Forecast - Oil Technical Analysis for April 21, 2020

Crude Oil Forecast

   The oil market and you can see that WTI has fallen apart during the trading session but the headline is Chris gonna be the bay contract there they're settling last I saw would like negative seven dollars you will literally be paid seven dollars a barrel to take it off somebody's hand if you go to Cushing Oklahoma and you take delivery that's nonsense it doesn't do us as traders any good the front contract is really we need to be paying attention to which is June or we are rolling over into it and to me it looks like 20 is gonna give away and once it does it opens up 1750 and then $15 I'm a seller of rallies right at 25 and most certainly at 29 I looks horrible there's absolutely no demand. 


Oil Technical Analysis

   The crude oil market you can see that WTI has rolled over just a bit but at this point I think 2750 is resistance 20 is the floor now I would point out that this is the June contract we are rolling over to June I know that a lot of people out there have been talking about the like what was it like an eleven dollar print in the may contract they're rolling it over today and because of that there's nobody that's willing to actually take physical demand of oil this is still a bearish market don't get me wrong but you shouldn't be focusing on May you should be focusing over here 

and I think 20 to 30 is your range to break down below 20 opens up the door to much lower levels over here and Brent you can see that 25 supports 35 is resistance if we break 25 22 and a half becomes your next target followed by 20 and I think it happens give it enough time there just is gonna be no demand with all of these locked down economies rallies at this point I'd be looking to sell especially right around 

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