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Crude Oil Outlook 20.04.20

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Crude oil prices fell over 20 percent in another dismal week despite efforts from OPEC+ and major oil-producing nations to reduce production to help boost prices. OPEC estimated that demand for oil could fade to its lowest in 30 years as the coronavirus grinds global travel to a halt. 

From a technical standpoint, WTI has extended loses after prices broke under rising support that guided the commodity higher from 2016 until the beginning of this year. Taking a look at the monthly chart, WTI is now down to its weakest since late 2001/early 2002 which makes for an 18-year low. 

IMPORTANT LEVELS FOR TOMORROW i.e. 20/04/2020

RESISTANCE 1 – 1438
RESISTANCE 2 – 1465
RESISTANCE 3 – 1509

SUPPORT 1 – 1408
SUPPORT 2 – 1380
SUPPORT 3 – 1354

Note:- Support and Resistance May Change after the opening of the Market.

Thanks!

ProCapitas Market-Pro Team

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