Oil Asia Price Forecast: WTI rebounds, trades near $20.50 a barrel

  

 

 

WTI is consolidating the recent selloff trading at around $20.50 per barrel while below the 100 and 200 SMAs on the four-hour chart suggesting a bearish bias in the medium term. However, as the market is bouncing it remains to be seen how far can the retracement up go. The 22.26 resistance can offer initial resistance followed by 26.16 further up. On the flip side, sellers will be trying to regain the 19.35 support level en route towards the 14.45 level.