Crude Oil: WTI Price Tumbles as Market Bearish Trend Extends Lower to $27.40 Level

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USDWTI Price Analysis – March 9

WTI oil futures for April delivery is in free fall mode on Monday after a price war between Saudi Arabia and Russia caused by last week’s OPEC+ meeting. On Monday, the oil price opened 11 percent lower and trading at a $27.40 level multi-year low, though not far from the 2016 troughs.

Key Levels
Resistance Levels: $54.40, $50.88, $46.00
Support Levels: $27.40, $25.00, $20.00

USDWTI Long term Trend: Bearish

In the larger structure, the market mood turned to bearish after the drop beneath the $43.83 level of 2018 low and only a bounce back past that level could restore the optimistic outlook.

If recovery occurs, with the price closing past today’s high of $41.51 level, resistance could arise within the former support area of $41.09-$43.83 levels, a break from which could see the $46.00 level re-test.

USDWTI Short term Trend: Bearish

WTI crude oil prices dropped more than 10 percent today as prices reached a $27.40-level multi-year low, although this coincides with multi-year support turned resistance point at $41.09 level. If the price returns past this level, we might see some consolidation happen.

The restructuring would most likely stay between ranges of $41.09 and $46.00 levels. We’d be on the lookout for any initial signs of higher low formation that could indicate a rebound.

Instrument: USDWTI
Order: Buy
Entry price: $27.40
Stop: $25.00
Target: $41.09

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