Crude Oil: WTI Bulls Take a Breather Around the Barrier on the Level at $28.22

9 April 2020 | Updated: 21 December 2020

USDWTI Price Analysis – April 9

WTI is trying to consolidate the rise to a fresh $28.22 level two-day high, as the bulls take a breather back from the latest recovery near the $25.00 mark. At the time of the news, US oil is trading at $27.04, still up to now. News on Thursday that Russia is willing to slash 1.6 million barrels a day fuelled optimism, pushing WTI up to $28.22 level by 5 percent.

Key Levels
Resistance Levels: $36.28, $33.60, $30.21
Support Levels: $25.00, $23.16, $21.50

USDWTI Long term Trend: Bearish

WTI is trading higher at $27.04 level, it dropped down from the $28.22 session high to $25.00 level until it rebounded slightly. Oil is priced steadily beyond its low 30 March upward trendline.

Its initial resistance can be seen at $28.22 levels until $29.10 (high April 3rd) level and $30.21 psychological level. On the downside, support is seen at a level of $25.00 (trendline) before dropping to $23.16 (low 7 April).

USDWTI Short term Trend: Ranging

In a potential signal for a positive trend reversal, USDWTI tends to form an inverted head and shoulders shape in the four-hour timeframe. The price failed to surpass its recent peak of $28.22 level in the ongoing upswing and reversed south to create the right arm.

A significant recovery beyond the $29.11 level, where the neckline of the trend resides, may signal the beginning of an uptrend, for traders probably increasing access to the upper horizontal barriers at the $30.21 resistance region.

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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
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.