WTI Breaks Near Term Support Zone at 60.03 Level as Bearish Sentiment Returns

Azeez Mustapha
9 January 2020 | Updated: 9 January 2020

USDWTI price Analysis – January 9

WTI jumped to 65.62 level after Iran’s strikes landed on the US military base in Iraq. But WTI speedily cut gains after strikes did not result in American casualties, however risking less further exacerbations.

Key Levels
Resistance Levels: $ 67.50, $ 66.49, $ 65.00
Support Levels: $ 58.69, 55.41, $ 50.64

USDWTI Long term Trend: Bullish

West Texas Intermediate (WTI), which reached the highest level since April at $65.62 this week. On Wednesday, exited with a daily loss of about 4% and last traded at $59.37, losing 0.7% on the daily.

Technically, we quite anticipate solid resistance from $63.04 / $66.49 level to hold back the advance to complete growth from a $50.64 level. Nevertheless, the breakthrough of $60.03 level confirmed the short-term dynamics and may lead to a further decline to horizontal support at $55.41 level.

USDWTI Short term Trend: Ranging

The swaying pointers on the 4-hour time frame presently support a bearish momentum, which is probably going to consolidate temporarily.

Today, the oil price is attempting to recoup a few losses, staying outside the short-term horizontal support zone at 58.69 and 55.41 levels.

Instrument: USDWTI
Order: Buy
Entry price: $ 58.69
Stop: $ 55.41
Target: $ 65.00

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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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.