Due to lockdown in almost all parts of the World, the demand for crude oil has declined drastically and it is clear that this decline will be approximately 60% in the year 2020.
Corona virus outbreak and aggressive price war between Saudi Arabia and Russia will also cause a major decline in crude oil prices.
It is even possible that we can see Crude trading at 1200 levels soon if it breaks 1580 crucial Support levels.
Outlook for Monday i.e. 30th March 2020
Resistance 1 – 1722
Resistance 2 – 1740
Resistance 3 – 1753
Support 1 – 1683
Support 2 – 1665
Support 3 – 1644
Positional buying of Crude oil seems to be a little risky right now, therefore it is not recommended.
Note:- Support & Resistance is from the current point of view and may change after gap up or gap down opening, will update further after the market opens.
(Trader, Commodity expert)