Crude Oil: WTI Oil Price Rebounds With Bullish Bias Beyond $22.00 Level on Global Optimism

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.

USDWTI Price Analysis – April 2

WTI oil price recovers nearly 10 percent on Thursday amid improved global optimism with widespread gains and bullish bias beyond the $22.00 level. Fresh optimism amongst traders stems from attempts by President Trump to encourage Russia and Saudi Arabia to strike a bargain and close the price dispute.

Key Levels
Resistance Levels: $30.21, $25.00, $23.16
Support Levels: $21.50, $20.08, $17.00

USDWTI Long term Trend: Bearish

Initial signs of recovery on the daily chart involve a break and close beyond declining moving average 5 at ($22.47) level currently under resistance to suggest advancement of rebound to next horizontal barriers at $25.00 (declining moving average 13) level and $30.21 (psychological) level.

The overall look remains firmly bearish and demands patience, particularly if recovery measures fail to clear the pivot zone at 13 moving average.

USDWTI Short term Trend: Bearish

Oil prices are marginally higher trading with prices increasing minimally, with about 1.50 percent intraday. Price remains strongly below the mark of $23.16 although, indicating there is still a probability of downside. Price activity is presently trapped in the $22.53 and $20.08 level area.

One might anticipate a breakout from these levels. The relative strength index refers to a potential early overbought situation that could imply buyers are made with bids opening doors for bearish activity.

Instrument: USDWTI
Order: Buy
Entry price: $21.50
Stop: $20.08
Target: $23.16

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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 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
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 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.