Crude Oil Breaks $20 A Barrel

Crude Oil Futures---Crude oil futures in the May contract is starting the week off on a sour note down another $1.50 at 20.00 a barrel or 6.85% near a an 18 year low as the price war between Saudi Arabia and Russia continues to put pressure on prices.

As I have talked about in many previous blogs I think prices could hit the $15 level in the coming days ahead as there's absolutely no demand for this commodity as President Trump announced today that the lock down will last until at least April 30th which is another month which means Americans will be working from home therefore not driving.

Gasoline prices are right at an all-time low once again today and they look to head even lower as the commodity markets are weak across the board as fundamentally and technically speaking this market looks to head lower in my opinion.

Crude oil prices are trading far below their 20 and 100 day moving average as this trend is strong to the downside and should remain that way until the economy gets back on its feet which could still be 6 to 8 weeks away as generally speaking we are entering the strong driving season, but that is not going to develop in the next month so if you are short stay short.

TREND: LOWER

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

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