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Oil New York Price Forecast: WTI under pressure, trading sub-$24 per barrel

  • WTI bear trend remains intact below $24 per barrel.  
  • The level to beat for sellers is the 22 support. 
 

WTI daily chart

 
WTI is consolidating the modest gains made recently. However, as the core trend remains bearish, this market remains vulnerable to the downside.
 

WTI four-hour chart

 
Crude oil is trading below its main SMAs on the four-hour chart suggesting a bearish bias in the medium term. Bears are likely eying a break below 22 support level which would introduce scope for an extension to the 20 and 18 levels to the downside. Conversely, resistance can emerge near the 24, 26 and 28 levels. 
 

Additional key levels

WTI

Overview
Today last price 28.06
Today Daily Change 0.07
Today Daily Change % 0.25
Today daily open 27.99
 
Trends
Daily SMA20 26.09
Daily SMA50 39
Daily SMA100 48.83
Daily SMA200 52.39
 
Levels
Previous Daily High 32.21
Previous Daily Low 27.48
Previous Weekly High 32.21
Previous Weekly Low 27.11
Previous Monthly High 48.74
Previous Monthly Low 20.57
Daily Fibonacci 38.2% 29.28
Daily Fibonacci 61.8% 30.4
Daily Pivot Point S1 26.24
Daily Pivot Point S2 24.5
Daily Pivot Point S3 21.51
Daily Pivot Point R1 30.97
Daily Pivot Point R2 33.96
Daily Pivot Point R3 35.7

 

 

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