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Oil Price Analysis: WTI stays under pressure, approaching $10.00 a barrel

  • WTI remains bearish despite the risk-on mood. 
  • The level to beat for sellers is the 9.87 support on the WTI futures June contract.
  
 

WTI four-hour chart

 
Despite the general risk-on mood, WTI remains very weak after the bounce from historic lows to 18.00 a barrel (WTI futures June contract). As sellers remain in full control, a break below 9.87 can yield further weakness towards the 7.31 support level in the medium term. Bullish attempts are likely to be short-lived with resistances likely to emerge near 13.16, 15.55 and 18.80 levels.   
 
 

Additional key levels

WTI

Overview
Today last price 18.41
Today Daily Change 3.63
Today Daily Change % 24.56
Today daily open 14.78
 
Trends
Daily SMA20 23.73
Daily SMA50 33.1
Daily SMA100 45.23
Daily SMA200 50.53
 
Levels
Previous Daily High 18.44
Previous Daily Low 14.04
Previous Weekly High 18.72
Previous Weekly Low 3.45
Previous Monthly High 48.74
Previous Monthly Low 20.57
Daily Fibonacci 38.2% 15.72
Daily Fibonacci 61.8% 16.76
Daily Pivot Point S1 13.07
Daily Pivot Point S2 11.36
Daily Pivot Point S3 8.67
Daily Pivot Point R1 17.47
Daily Pivot Point R2 20.15
Daily Pivot Point R3 21.87

 

 

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