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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News