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

GBP/USD remains in two-day highs around 1.3260

GBP/USD adds to Friday’s bounce, gathering fresh traction and flirting with the 1.3270 zone on Monday, or two-day tops. Cable’s decent advance comes despite the move higher in the Greenback and investors’ assessing of UK PM K. Starmer's resignation.

EUR/USD remains offered; focus is on 1.1400

EUR/USD rapidly gives back Friday’s rebound and trades with marked losses near 1.1420, or three-month lows, in the latter part of Monday’s NA session. The pair’s intensifies its retracement following the continuation of the robust upside momentum in the US Dollar. Next on tap will be preliminary PMIs the Germany and the Euroland.

Gold bounces off lows, looks to surpass $4,200

Gold regains composure and leaves behind three-consecutive daily declines on Monday, looking to regain the area above the $4,200 mark per troy ounce. Reports of progress in the latest round of US-Iran talks are helping the precious metal maintain its footing at the start of the week, although the stronger Greenback seems to limit the upside potential for now.

XRP recovery underpinned by persistent ETF inflows

Ripple (XRP) gains momentum on Monday, trading above $1.15 as the crypto market widely recovers. This recovery comes amid easing geopolitical tensions in the Middle East, following reports that the United States (US) and Iran made progress in the first round of talks aimed at achieving a lasting peace agreement.

Is Shiba Inu dead or just in a crisis? The data behind SHIB's 95% crash

SHIB, the dog-themed meme coin that became one of the biggest success stories in crypto and turned early buyers into crypto millionaires, is facing tough times. Its price has fallen more than 32% so far this year, and it is down 95% from its all-time high in 2021. Is SHIB simply another fading meme coin, or is the market overlooking a possible recovery story?

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.