Crude Oil Futures—Crude oil futures in the April contract is hitting a 15 month low down another $2.50 at 46.23 a barrel and now has dropped about $9 over the last 5 trading sessions as there is absolute panic about the Coronavirus curbing demand worldwide as this market looks to head even lower in my opinion.
At the present time I am not involved, however I’m certainly not recommending any type of bullish position as I think prices could possibly go below the $40 level as prices are trading far below their 20 and 100 day moving average as this trend is very strong to the downside.
The U.S stock market has now declined 10% from the high down another 600 points this afternoon as most commodity sectors are lower across the board as this situation looks to becoming worse.
The next major level of support stands around the 42 area as there could still be significant room to the downside especially if this virus continues to spread as travel at the current time has come to a halt and if you are short stay short in my opinion.
CHART STRUCTURE: POOR
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