Crude Oil: Bears Extend Towards $20 Level on WTI as Global Economic Slowdown Sets In

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USDWTI Price Analysis – March 23

West Texas Intermediate oil prices extend the downside which started in today’s trading session since Friday. Increasing open interest combined with volatile market activity favors extra losses, well on the cards in the short-term horizon with another visit to the $20.00 level neighborhood.

Key Levels
Resistance Levels: $33.60, $30.21, $27.40
Support Levels: $20.08, $15.00, $10.00

USDWTI Long term Trend: Bearish

The pair finished higher around $23.00 level from the Asian session, with oil trading down 4.02 percent from the closing of Friday against the USD. During the European session, it’s trading even lower to $20.84 level, which saw the pair attempting to expand towards the $20.08 lower level to break the support.

USDWTI is expected to find support at level $20.08, and a drop through may usher it to the next support level of $17.34. The pair is expected to reach their first level of resistance at $27.40, and a rise through may usher it to the next level of resistance of $30.21.

USDWTI Short term Trend: Bearish

After the declines down to the $20.00 region on the 4-hour time frame, market action is similar to that level. A break down beneath could be seen dragging WTI crude oil into fresh depths.

The RSI is beneath its neutrality, indicating around 40, however, WTIUSD level of intraday resistance is estimated at $23.16, while the possibility that OPEC and Texas might reach an agreement to cut supply seems highly unlikely, suggesting that this week’s WTI crude may break the $20 mark.

Instrument: USDWTI
Order: Sell
Entry price: $23.00
Stop: $25.00
Target: $17.34

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