Crude Oil: WTI bears take charge as heavy selling pressure near the lowest levels since January 2019

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

USDWTI Price Analysis – February 27

West Texas Intermediate (WTI) oil, which has reached $47.70 level a few minutes before the time of Press, is priced in $47.78 a barrel. The first half of January 2019 showed this level last. The selling could be linked to the safety flight caused by coronaviral problems outside China.

Key Levels
Resistance Levels: $ 59.61, $ 54.40, $ 50.00
Support Levels: $ 46.46, $ 45.77, $ 42.05

USDWTI Long term Trend: Bearish

The 9.4 percent slide of black gold is reported weekly. Today’s break below $48.63 level has brought oil prices down to the lowest levels since the beginning of January 2019.

Daily studies show that there are growing negative momentum and a complete negative MA setup with levels close to $ 49.42 level for confirmation. If the coronavirus worsens because there are no obstacles until the level of $ 46.46, bears can expand significantly.

USDWTI Short term Trend: Bearish

The short-term activity of WTI crude oil remains increasingly red and plummets for the fourth day in a row. Rising concerns about the pandemic coronavirus and its strong negative impact on global oil demand keep oil prices under increasing pressure and the risk of further decline.

The broken $50 level now represents an initial resistance, with prolonged upticks staying below the falling moving average 13 at ($49.42 level).

Instrument: USDWTI
Order: Sell
Entry price: $ 48.63
Stop: $ 49.46
Target: $ 46.46

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *