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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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