Oil Price Analysis: The Trump inspired sell-off could continue into next week

WTI moves 4.19% lower on Friday and 7.89% lower this week.
Concerns over demand remain the key issue in the energy markets.

Rajan Dhall, MSTA FX Daily

WTI 4-hour chart

Oil prices have broken down once again on Friday as concerns over demand loom. There was also some news overnight that US President Donald Trump has also tested positive for COVID-19. This also put pressure on the energy market as fears of another lockdown increase.

Looking at the chart, the next wave low could be very important. If the price breaks USD 36.40 per barrel when it would create a new lower high lower low pattern and the next support is lower down at the purple line just below USD 35 per barrel.

The indicators are still very bearish. The Relative Strength Index is hugging the oversold level and has been depressed for some time. The MACD is also very bearish as the signal lines are under zero and the histogram is also in the red.

Overall this looks like a decent trend change. The next confirmation will come if the purple support level is broken to the downside. There is always the possibility that the OPEC+ group may act again but for now, it seems the demand side has been capped.

Additional levels

WTI

Overview
Today last price	37.05
Today Daily Change	-1.68
Today Daily Change %	-4.34
Today daily open	38.73

Trends
Daily SMA20	39.32
Daily SMA50	41.05
Daily SMA100	39.53
Daily SMA200	40.02

Levels
Previous Daily High	40.58
Previous Daily Low	37.77
Previous Weekly High	41.51
Previous Weekly Low	38.92
Previous Monthly High	43.56
Previous Monthly Low	36.43
Daily Fibonacci 38.2%	38.84
Daily Fibonacci 61.8%	39.5
Daily Pivot Point S1	37.47
Daily Pivot Point S2	36.22
Daily Pivot Point S3	34.66
Daily Pivot Point R1	40.28
Daily Pivot Point R2	41.83
Daily Pivot Point R3	43.09

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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