WTI Extends Loses Further Beneath the $58.70 Mark

WTI Extends Loses Further Beneath the $58.70 Mark

USDWTI Price Analysis – January 13

Lower tensions in the Middle East affected prices in previous sessions, forcing the West Texas Intermediate barrel to retreat from the peaks near $ 66.00 level. Meanwhile, crude oil is trying to consolidate at current levels after sharp selling last week.

Key levels
Resistance Levels: $ 67.50, $ 66.49, $ 65.62
Support Levels: $ 58.00, 55.00, $ 50.64

USDWTI Long term Trend: Ranging

Price action is approaching the support area of $58.70 regions. This remains a critical test for the commodity. On the off-chance the price movement bounce off this level, we can anticipate some upward movement.

However, oil prices may stay within the range when the upper resistance level of $61.00 enters the active price levels. On the other hand, a break beneath support may extend the decline to support level at $55.00.

USDWTI Short term Trend: Bearish

At present, the barrel of WTI is losing 0.31% to $ 58.25. And a further break beneath can open the door to the level of $ 56.78, and then to the level of $ 55.00.

On the other hand, the next obstacle is at the level of $60.03, and it’s behind the level of $61.40 and, finally, $65.62 (high of January 2020). However, if it continues to trend down, we can expect the pair to reach the support level of $ 58.00.

Instrument: USDWTI
Order: Buy
Entry price: $ 58.00
Stop: $ 55.00
Target: $ 61.40

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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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.