Oil Price Analysis: WTI stays under pressure, approaching $10.00 a barrel

WTI remains bearish despite the risk-on mood.
The level to beat for sellers is the 9.87 support on the WTI futures June contract.

Flavio Tosti Independent Analyst

WTI four-hour chart

Despite the general risk-on mood, WTI remains very weak after the bounce from historic lows to 18.00 a barrel (WTI futures June contract). As sellers remain in full control, a break below 9.87 can yield further weakness towards the 7.31 support level in the medium term. Bullish attempts are likely to be short-lived with resistances likely to emerge near 13.16, 15.55 and 18.80 levels.

Additional key levels

WTI

Overview
Today last price	18.41
Today Daily Change	3.63
Today Daily Change %	24.56
Today daily open	14.78

Trends
Daily SMA20	23.73
Daily SMA50	33.1
Daily SMA100	45.23
Daily SMA200	50.53

Levels
Previous Daily High	18.44
Previous Daily Low	14.04
Previous Weekly High	18.72
Previous Weekly Low	3.45
Previous Monthly High	48.74
Previous Monthly Low	20.57
Daily Fibonacci 38.2%	15.72
Daily Fibonacci 61.8%	16.76
Daily Pivot Point S1	13.07
Daily Pivot Point S2	11.36
Daily Pivot Point S3	8.67
Daily Pivot Point R1	17.47
Daily Pivot Point R2	20.15
Daily Pivot Point R3	21.87

Author

Flavio Tosti

Independent Analyst

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