Crude Oil: WTI Near Term Rebound but Stays Under Bearish Pressure Beneath the $47 Price Level

USDWTI Price Analysis – March 2

WTI (oil futures) is slowing its pace of recovery from a new 15-month low level of $ 43.83 after the sell-off opening gap caused by China’s horrible manufacturing PMI data released on Sunday. On the contrary, further selling stays on the cards, and any accidental attempt to buying can only be considered corrective.

Key Levels
Resistance Levels: $ 54.40, $ 52.34, $ 49.42
Support Levels: $ 43.83 $ 42.93, $41.80

USDWTI Long term Trend: Bearish

WTI crude oil prices plummeted more than 2% on Friday and reached multi-year support at $ 43.83 level. Given that this zone was held in the past, we anticipate seeing some ranging.

RSI indicates a low momentum at the moment and indicates oversold. Thus, oil prices should set a rebound past the $ 47.01 level for any signs of a rebound.

USDWTI Short term Trend: Bearish

During the day, the pair is trading on the level at $ 45.27, with oil trading up 2.64% against the US dollar after Friday’s close amid hopes that the Organization of Petroleum Exporting Countries (OPEC) and its allies may deepen reduction in oil supplies.

The pair is anticipated to maintain support at $ 43.83 level, and a fall could lead to the next support level at $ 42.93. The pair is anticipated to find its first resistance at $ 47.01 level, while an increase could lead to the next resistance level at $ 49.42.

Instrument: USDWTI
Order: Buy
Entry price: $ 43.83
Stop: $ 42.93
Target: $ 47.01

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