Crude Oil: WTI Price Ignores External Intervention Plunges Further Beneath $29

USDWTI Price Analysis – March 16

Today, the price of WTI oil has fallen to the lowest since last Monday’s crash, bursting at $30 and $29 levels through round-figure confluences while ignoring external intervention. The oil sell-off activate overnight after Fed’s aggressive measures failed to calm down investors, with ongoing price war between major producers contributing to a negative outlook.

Key Levels
Resistance Levels: $54.40, $48.64, $36.28
Support Levels: $27.40, $26.61, $25.00

USDWTI Long term Trend: Bearish

For now, the WTI barrel is falling by 11.84%, at $28.83 level and a violation of the level of $27.40 (2020 low Mar.9) will set out a $26.61 level (Monday low September 2003) and $25.00 level (monthly low Apr.2003).

At the upside, the next hurdle is at $36.28 level(high mar. 11), then at $41.09 level (near term barrier level), followed by a $43.83 level (horizontal level of resistance).

USDWTI Short term Trend: Bearish

The downward trend may continue over 4 hours while the pair is trading under former resistance turned support level of $30.21, followed by a $27.40 and $26.61 support level.

When the pair aim to progress over a resistance level of $30.21, which can be followed by an ongoing break at a resistance level of $33.60 to $36.28, an upward trend will begin.

Instrument: USDWTI
Order: Sell
Entry price: $30.21
Stop: $33.60
Target: $27.40

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