Oil at Resistance and a Gap to fill

9 Apr 2020

Will Oil fill the Gap sooner or later? It's trading at plenty of resistance and price action bearish in the last few days. As traders await supply cut details there's many questions still looming. The fact is there is huge over supply and low demand and those dynamics paint bearish price action on a chart such as gaps down and probable follow thru gaps. With the current meeting going on, this is a known catalyst which will propel oil prices one way or the other. If oil goes higher from here there is still more resistance above where the gap is. However, oil is in a overall down trend and price action will confirm direction and continuation of trend. I think the gap above will probably be filled later rather than sooner.