Crude Oil: WTI Plummets Further, as Downside Seems Effective


USDWTI Price Analysis – February 24

At the beginning of the week, WTI’s prices traded deep into the negative territory, breaking the key low levels at the $51.00 mark per barrel and simultaneously slipping back to fresh multi-day lows.

Key Levels
Resistance Levels: $ 59.61, $ 56.29, $ 54.40
Support Levels: $ 50.00, $ 49.42, $ 48.63

USDWTI Long term Trend: Bearish

At the moment the barrel of WTI is losing 4.83% at $51.06 and a breach of $50.00 (key support level) would aim for $49.42 (2020 low Feb.5) and finally $42.20 level(2018 low Dec.24).

On the upside, the next hurdle aligns at $54.40 (monthly high Feb.20) seconded by $56.29 (horizontal near term resistance zone) and then $59.61 (high Jan.20).

USDWTI Short term Trend: Bearish

The downward trend may be anticipated to continue if the market drops further below $51.00 support level, followed by a $50.00 support level.

An uptrend may begin as soon as the pair rises above the resistance level of $51.50, followed by a $52.00 move to the resistance level.

Instrument: USDWTI
Order: Sell
Entry price: $ 51.00
Stop: $ 51.50
Target: $ 50.00

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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.