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Oil Asia Price Forecast: WTI agonising in multi-year lows, trades near $20 a barrel

  • WTI is suffering one of its largest selloffs in history plummeting to $20 a barrel in a matter of weeks.
  • WTI remains under heavy selling pressure as March is coming to an end.
  
 
 

Oil daily chart

 
WTI collapsed sharply in the last two months of trading as WTI is agonising near its lowest level since February 2002, near $20 per barrel. 
 

Oil four-hour chart

 
The oil market remains under heavy selling pressure below the main SMAs as bears are looking to extend the selloff below the 20 level which could introduce scope to the 16 and 12 levels on the way down. On the flip side, buyers would need to gather strength at least above the 28 resistance but they need to overcome the 22 and 24 resistance on the way up.
 

Additional key levels

WTI

Overview
Today last price 22.01
Today Daily Change -1.25
Today Daily Change % -5.37
Today daily open 23.26
 
Trends
Daily SMA20 32.2
Daily SMA50 44.15
Daily SMA100 51.58
Daily SMA200 53.82
 
Levels
Previous Daily High 24.56
Previous Daily Low 22.33
Previous Weekly High 25.85
Previous Weekly Low 21.19
Previous Monthly High 54.69
Previous Monthly Low 43.95
Daily Fibonacci 38.2% 23.18
Daily Fibonacci 61.8% 23.71
Daily Pivot Point S1 22.21
Daily Pivot Point S2 21.16
Daily Pivot Point S3 19.98
Daily Pivot Point R1 24.43
Daily Pivot Point R2 25.61
Daily Pivot Point R3 26.66

 

 

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