Bottom line:  WTI Crude structure remains bullish against 19.25 lows, but a corrective drop could see prices dropping lower towards 23.00 levels before rallying further.

Fundamental Outlook:

Oil prices will be taking cues from the OPEC meeting to be held on April 09, 2020. If a unanimous consensus is not derived over the much awaited meeting crude prices might drop in the next few trading sessions. Last week, Crude Oil prices had soared by over 30-40% over the optimism on Russia-Saudi Arabia trade war coming to an end.

The weeks focus continues to remain in the COVID-19 pandemic and the record Jobless claims over the last 2 weeks in the U.S. The total number of infected cased increased further in the U.S, as it tops the list at 367,629, with over 625 new cases added. The Euro zone also awaits a decision to be taken over the Corona Bond this week.

Technical Analysis:

WTI Crude seems to have completed an impulse rally between 19.25 and 28.50 levels, over the last week. Prices are expected to produce a corrective drop over the week, before bulls can resume towards higher levels, going forward.

An ideal corrective drop could be towards the fibonacci 0.618 retracement, around 23.00 levels. A bullish reversal from the above levels would push prices towards the 35.00 and 39.00 mark, going forward.

Most traders might be willing to initiate fresh long positions towards 22.00/23.00 levels with protective stop below 19.00 and projected targets as 35.00 and higher respectively. Only a drop below 19.00 would nullify the above bullish structure.

Overall, WTI Crude remains bullish until prices stay above 19.25 potential support. Please note, even if prices drop below 19.25, it would be shallow and better to avoid getting into a bear trap.

Prepared by

Harsh Japee, Technical Analyst.

WTI Crude Chart

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