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7 May 2020
Oil Price Analysis: WTI is parked below $28.00 per barrel
- WTI bulls are hesitant below the 28.00 resistance.
- The level to beat for sellers is the 24.00 support.
WTI four-hour chart
The WTI recovery is stalling below 28.00 resistance but above the main SMAs on the four-hour chart. As the oil market stays in an overall downtrend the above-mentioned level can be hard to overcome in the medium-term. However, sellers would need to regain the 24.00/22.00 support zone to have a retest of the 2020 lows.
Resistance: 28.00, 32.00
Support: 24.00, 22.00
Additional key levels