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

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