WTI: Recovery Stays Confined Beneath $51.50 Level Before the Data Release

WTI: Recovery Stays Confined Beneath $51.50 Level Before the Data Release

USDWTI Price Analysis – February 7

WTI is expanding its rally after recovering from a 13-month low of $ 49.42 to its second consecutive day on Friday, while buyers are cautious amid widespread risk aversion caused by the growing fear of Chinese coronavirus internationally. The price of a barrel of WTI seems to have cut a temporary base beneath $ 51.50.

Key Levels
Resistance Levels: $ 59.61, $ 55.00, $ 52.16
Support Levels: $ 50.00, $ 49.42, $ 47.57

USDWTI Long term Trend: Bearish

WTI was marked by volatile trading on Thursday, and this could continue on Friday, with close barriers to resistance and support. The level of $ 51.50 remains relevant and is a direct zone of resistance.

This is followed by resistance levels of $ 52.16 and $ 53.50. On the other hand, there is pressure on support at $ 50.00. Beneath there we find support at $ 49.42, which has been held since January 2019.

USDWTI Short term Trend: Bearish

WTI barrel price seems to have reached a short-term base of $ 49.42, however, the recovery has stalled at $ 52.16, while the decline in open interest and volume, coupled with an inconclusive price movement, open the door for some consolidating sentiment in the short term, at least.

Barrel of West Texas Intermediate (WTI) plummets amid these sentiments and last traded at $ 50.38, losing 0.9% per day.

Instrument: USDWTI
Order: Sell
Entry price: $ 51.50
Stop: $ 52.16
Target: $ 49.42

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.