Crude Oil Price Forecast – April 14, 2020

WTI Crude Oil Price Forecast

WTI crude oil briefly fell below $20.0 but held that psychologically important target on a closing basis. Support around $20.0 was stubborn and before the rise to $29.13 just over a week ago. The outlook remains bearish and prices are poised to challenge $19.6 and lower. Yet, given the recent strength of support around $20.0 a larger test of resistance will probably take place first.

WTI Crude Oil – $0.65 Kase Bar

Resistance at $21.7 is expected to hold and $23.0 is key for the near-term. Settling above $23.0 would call for a larger upward correction to $24.2 and possibly higher. This would also suggest that prices may be settling into a short-term trading range before falling to challenge the next major targets below $20.0.

Brent Crude Oil Price Forecast

Brent’s outlook remains bearish and the move down is poised to reach at least $28.9 tomorrow. This is a highly confluent wave projection that is in line with the 62 percent retracement of the rise from $24.52. Therefore, an upward correction is expected before Brent closes below $28.9 and falls to $28.0 and lower.

Brent Crude Oil – $0.65 Kase Bar

As Brent falls toward $28.9, resistance at $30.9 is expected to hold. Key resistance for the near-term is $32.0. Settling above this would call for a larger upward correction to $32.8 and possibly $33.8. The $33.8 level is most important because a close above this would imply that near-term odds are shifting back in favor of a larger move up in the coming days and weeks.

This is a brief analysis for the next day or so. Our weekly Crude Oil Forecast and daily updates are much more detailed and thorough energy price forecasts that cover WTI, Brent, RBOB Gasoline, Diesel, and spreads. If you are interested in learning more, please sign up for a complimentary four-week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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