WTI Price Analysis: Magic Fibonacci golden ratio offers support in oil
|- WTI has moved another leg lower and is currently down 5.81%.
- The historical low is $26.05 in the futures contract and there is some space till we hit that level.
WTI daily chart
WTI has moved lower again as more travel restrictions hit the news one by one. Many nations including the US have imposed travel bans with many cities on lockdown. There is also the matter of the rift between Saudi Arabia and the rest of the OPEC nations.
Looking at the chart now you can see the lows are being hit at the time of writing. The 161.8 golden Fibonacci ratio has provided the market with a decent support zone and for now, it is being respected. On the topside $36.00 per barrel is the consolidation high and psychological resistance. This could be a shorting area if the price moves back up. Obviously $30.00 per barrel is a psychological support level too.
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Additional levels
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