Oil Price Analysis: WTI prices depressed in 18-years lows near $24 per barrel

Posted 19 March, 2020

Oil weekly chart

 

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.

 

 

Additional key levels

 

USD/INR

OVERVIEW
Today last price
74.84
Today Daily Change
-0.0725
Today Daily Change %
-0.10
Today daily open
74.9125

 

TRENDS
Daily SMA20
73.2042
Daily SMA50
72.0306
Daily SMA100
71.6894
Daily SMA200
71.0605

 

LEVELS
Previous Daily High
75.235
Previous Daily Low
73.745
Previous Weekly High
75.65
Previous Weekly Low
73.228
Previous Monthly High
72.84
Previous Monthly Low
71.077
Daily Fibonacci 38.2%
74.6658
Daily Fibonacci 61.8%
74.3142
Daily Pivot Point S1
74.0267
Daily Pivot Point S2
73.1408
Daily Pivot Point S3
72.5367
Daily Pivot Point R1
75.5167
Daily Pivot Point R2
76.1208
Daily Pivot Point R3
77.0067

Previous forecast

20 March, 2020 09:26

← Gold: Marks three-day losing streak, towards $1,450, despite fresh risk-off

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.

Gold: Marks three-day losing streak, towards $1,450, despite fresh risk-off

Next forecast

04 March, 2020 15:33

Crude Oil Prices at the Mercy of Risk Trends →

WTI oil cratered through 2016 trend-line, near December 2018 low.

Crude Oil Prices at the Mercy of Risk Trends
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