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

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

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.