USDWTI Price Analysis – February 17
The loss of oil request in China and around the globe because of the outbreak of coronavirus is noteworthy, yet stays obscure both in scale and in the term, while the planning and size of the potential decrease in OPEC + production likewise stay exceptionally unknown.
Key Levels
Resistance Levels: $ 59.61, $ 55.00, $ 53.50
Support Levels: $ 52.00 $ 50.00, $ 49.42
USDWTI Long term Trend: Bearish
The price of WTI crude oil remains stable and keeps close to the recovery zone at the level of $ 52.25. As the bulls pause while they are contained by the moving average of 5 and 13. Daily analysis indicates consolidating / corrective actions while the RSI grows and the momentum reverses south after touching the nearest resistance.
The overall picture, however, is bearish and the current action is seen as corrective and positioning for new weakness. A strong technical barrier lies at the level of $ 53.50, and a steady breakthrough may contain the bear’s capabilities and allow a stronger correction to the level of $ 54.35.
USDWTI Short term Trend: Ranging
Crude oil prices set past the resistance level of $ 52.00, while the increase came after strong bearish pressure in previous weeks.
The growth may lead to a corrective movement, pushing prices to the level of $ 53.50 in the following. This, of course, if the price action can hold past the $ 52.00 level resistance, turned support level.
Instrument: USDWTI
Order: Buy
Entry price: $ 52.00
Stop: $ 49.42
Target: $ 53.50
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
