13 Apr 2020
Oil New York Price Forecast: WTI under pressure, trading sub-$24 per barrel
- WTI bear trend remains intact below $24 per barrel.
- The level to beat for sellers is the 22 support.
WTI daily chart
WTI is consolidating the modest gains made recently. However, as the core trend remains bearish, this market remains vulnerable to the downside.
WTI four-hour chart
Crude oil is trading below its main SMAs on the four-hour chart suggesting a bearish bias in the medium term. Bears are likely eying a break below 22 support level which would introduce scope for an extension to the 20 and 18 levels to the downside. Conversely, resistance can emerge near the 24, 26 and 28 levels.
Additional key levels