13 May 2020
Oil Price Analysis: WTI recovery stalled below $28.00 per barrel
- WTI bulls lost steam below the 28.00 resistance.
- The level to beat for sellers is the 24.00 support.
WTI four-hour chart
The WTI recovery lost steam below the 28.00 resistance but still remains above the main SMAs on the four-hour chart. While crude oil is in an overall downtrend the above-mentioned level can be hard to overcome in the medium-term. Conversely, sellers would need a sustained break below the 24.00/22.00 support zone for a test of the 2020 lows.
Resistance: 28.00, 32.00
Support: 24.00, 22.00
Additional key levels