WTI Rebounds From Multi-Month Lows Near the Level at $ 52.00

USDWTI Price Analysis – January 27

On Monday, there was no reprieve for the WTI barrel, as the price of the American benchmark for sweet light unrefined petroleum plunged to the level at $ 52.00 toward the start of trading, a similar price level that was last approached toward the beginning of October 2019.

Key Levels
Resistance Levels: $ 63.04, $ 58.70, $ 54.00
Support Levels: $ 52.18, $ 50.64, $ 45.50

USDWTI Long term Trend: Ranging

At present, the price of crude oil on its daily chart indicates the price movement is in a potential low of long-term triangular structure which is developing. If price action is formed in the long term, USDWTI may begin recording new growth for the time being.

The second situation for WTI is potential advancement, organized in five phases. For this situation, the price may surpass even the most significant level of 2019 at the price level of $ 66.49 per barrel.

USDWTI Short term Trend: Bearish

We can anticipate a continuation of the downtrend, while the pair is trading beneath the resistance level of $ 54.00, followed by the achievement of the support level of $ 50.64, and if it continues to move beneath this level, we can anticipate that the pair may approach support level at $ 45.50.

On the other hand, the uptrend may resume from the support level of $ 50.64, or as soon as the pair moves past the resistance level of $ 54.00, followed by a movement to the resistance level of $ 58.70.

Instrument: USDWTI
Order: Sell
Entry price: $ 53.68
Stop: $ 54.00
Target: $ 50.64

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