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.
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.
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