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.

Flavio Tosti Independent Analyst

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

WTI

Overview
Today last price	7.12
Today Daily Change	-14.69
Today Daily Change %	-67.35
Today daily open	21.81

Trends
Daily SMA20	25.73
Daily SMA50	36
Daily SMA100	46.9
Daily SMA200	51.43

Levels
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

Author

Flavio Tosti

Independent Analyst

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