17 Apr 2020
Oil Price Analysis: WTI trades in fresh 2020 lows, bearish
- WTI bear trend remains intact as crude oil is printing fresh 2020 lows.
- The level to beat for bears is the 17.92 support (current 2020 low).
WTI daily chart
WTI is under strong selling pressure trading in multi-year lows and printing fresh 2020 lows this Friday.
WTI four-hour chart
WTI is trading below the main SMAs on the four-hour chart suggesting a bearish bias in the medium term. As WTI stays under strong selling pressure, a daily close below the 17.92 level (current 2020 low) would lead to further losses towards the 16.00 and 13.30 price levels. On the flip side, retracements up can find resistance near the 20.00 and 22.00 price levels.
Additional key levels