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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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