USDWTI Price Analysis – March 12
On Thursday the price of a barrel of oil stabilized, but bulls are hit, as the US petroleum stopped its recovery attempt from a level of $30.21 and crashed almost 7 percent. West Texas Intermediate oil has depreciated from $33.60 to a price level of $30.72, because of the failure to ease concerns of sustained coronavirus induced economic downturn announced by President Trump at 01:00 am GMT.
Key Levels
Resistance Levels: $54.40, $48.64, $36.28
Support Levels: $29.11, $27.40, $25.00
USDWTI Long term Trend: Bearish
Around the time of writing, the oil of WTI trades around the level at $30.94, and from a technical point of view looks south, with a slightly higher level set at $36.28 as of Wednesday and it might check sub-$30 in today’s trading.
Although the 14-day relative strength Index records oversold with a print below-30, there is no proof of bearish exhaustion in the price momentum. When the price increase to $33.60 level, the immediate bearish case may decrease.
USDWTI Short term Trend: Bearish
The pair on a 4-hour frame is trading at $30.21 level with oil price about 7 percent lower than the USD last week. The pair is projected to get to $29.11 support level and a fall could take it to the next $27.40 support level.
The pair may consider the first resistance at $33.60, and the next point of resistance will be $36.28.
Instrument: USDWTI
Order: Sell
Entry price: $33.60
Stop: $36.28
Target: $29.11
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.