Oil Price Analysis: WTI hovering near multi-year lows, sidelined near $24 a barrel


  • WTI suffered one of its largest selloff in history plummeting to near $20 a barrel in the last weeks.
  • WTI is stabilizing after the collapse however remains vulnerable to the downside.
  
 
 

Oil daily chart

 
WTI collapsed violently in the last two months as WTI collapsed to its lowest level since February 2002 near $20 per barrel. 
 

Oil four-hour chart

 
The oil market remains under selling pressure below its main SMAs as sellers are looking for an extension of the selloff below the 22/20 support zone wich would introduce scope to the 16 level on the way down. On the flip side, buyers would try to gather strength above the 24 resistance with potential targets to the 28 and 32 price levels on the way up. 
 

Additional key levels

WTI

Overview
Today last price 25.54
Today Daily Change 0.64
Today Daily Change % 2.57
Today daily open 24.9
 
Trends
Daily SMA20 35.61
Daily SMA50 46.2
Daily SMA100 52.56
Daily SMA200 54.26
 
Levels
Previous Daily High 25.68
Previous Daily Low 23.66
Previous Weekly High 31.9
Previous Weekly Low 20.57
Previous Monthly High 54.69
Previous Monthly Low 43.95
Daily Fibonacci 38.2% 24.91
Daily Fibonacci 61.8% 24.43
Daily Pivot Point S1 23.82
Daily Pivot Point S2 22.73
Daily Pivot Point S3 21.79
Daily Pivot Point R1 25.84
Daily Pivot Point R2 26.77
Daily Pivot Point R3 27.86

 

 

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