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6 Apr 2020
Oil Price Analysis: WTI advance limited near $28.00 per barrel
- Oil consolidates last week’s gains while trading below the 28.00 handle.
- Support is seen near 24.00 and 22.00 levels.
WTI daily chart
WTI is consolidating the advanced it made in the last three sessions as the market is digesting the Trump tweet suggesting that a Saudi-Russian deal has been made.
WTI four-hour chart
After regaining some poise last week, crude oil is consolidating the gains below 28.00 resistance. In the absence of a break above this level, WTI is set to resume the bear trend as the market is trading below the 200 SMA on the four-hour chart but above the 50 and 100 ones. Support can be seen near 24.00 and 22.00 levels on the way down.
Additional key levels