Oil Asia Price Forecast: WTI sinks into oblivion

  • WTI stays under extreme selling pressure at the end of the second day of the week. 
  • The level to beat for bears is the 5.50 support.

WTI daily chart

WTI is under unprecedented heavy selling pressure as the demand for the black gold is nowhere to be seen.  

WTI four-hour chart

The bearish pressure remains unabated as the market Is spiking down. The level to beat for sellers is the 5.50 level en route towards 27.74 and $1.35 a barrel. Resistance can emerge near the 8.00 level followed by 10.60 and 13.46 level.  

Additional key levels 


Today last price 7.12
Today Daily Change -14.69
Today Daily Change % -67.35
Today daily open 21.81
Daily SMA20 25.73
Daily SMA50 36
Daily SMA100 46.9
Daily SMA200 51.43
Previous Daily High 25.37
Previous Daily Low 20.8
Previous Weekly High 29.72
Previous Weekly Low 24.77
Previous Monthly High 48.74
Previous Monthly Low 20.57
Daily Fibonacci 38.2% 22.55
Daily Fibonacci 61.8% 23.63
Daily Pivot Point S1 19.95
Daily Pivot Point S2 18.09
Daily Pivot Point S3 15.38
Daily Pivot Point R1 24.52
Daily Pivot Point R2 27.23
Daily Pivot Point R3 29.09



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