The WTI has suddenly collapsed in the past four weeks as barrels have fallen to their lowest level since 2002. February.
Oil daily chart
WTI is trading in the mid-range, consolidating steep sales. However, given the heavy pressure from the bear, it remains to be seen whether WTI will be able to rebalance or whether the Bears will return and enter new lows soon.
Oil four-hour chart
There is still strong sales pressure below the main SMA in the market, as the bears insist that sales extend below the 22/20 price range to 16 prices. In general, the “bullish” will try to gain momentum above 24 resistances to potentially reach 28 and 32 price levels.
Gold prices remain on the back foot amid broad US dollar strength. The fresh coronavirus headlines from the UK and US renew risk aversion but the shift to safe-haven flows help the greenback. Combat against the virus can offer fresh impulse, the economic calendar will provide intermediate bounces.