Crude Oil: WTI Remains on Offer Around $33 Level as Bears Take Full Control

Crude Oil: WTI Remains on Offer Around $33 Level as Bears Take Full Control

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

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.