WTI crude oil
The West Texas Intermediate Crude Oil market had a crazy day on Thursday, peaking at 9%, before turning around to lose 10%, before closing for the week. That said, the market seems to want to try to go down again, but it should also be noted that the OPEC meeting could change everything. If OPEC can propose a production cut of 20 million barrels a day, that could help crude oil. Otherwise, I expect the market will be a little hesitant to continue trying to recover. At this point, if we rally, the $ 30 level will be a massive resistance level above. The $ 20 level below still offers support. If we break down below, the crude oil will collapse again.
Crude Oil Video 13.04.20
The Brent markets are also trying to recover during the trading session Thursday, but returned the gains fairly quickly as the market attempted to break through the $ 35 level on Thursday before restoring the gains. Good Friday holidays of course closed the markets, so Monday will be a reaction to OPEC’s decision. The level of $ 30 below is a support, so if this is crossed, it is likely that this market will move towards the level of $ 27.50 and then the level of $ 25 after that. On the other hand, if we break the highs of Thursday’s session, it is likely that we will go towards the $ 40 level, which is also the scene of the 50-day EMA currently.