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

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

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