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8 May 2020
Oil Price Analysis: WTI recovery halted near $25.50/oz, bearish
- WTI bulls are losing steam below the 28.00 resistance.
- The level to beat for bears is the 24.00 support.
WTI four-hour chart
The WTI recovery is losing steam below the 28.00 resistance but remains above the main SMAs on the four-hour chart. As oil is in an overall bear trend the above-mentioned level can be difficult to overcome in the medium-term. On the flip side, bears would need to have a sustained break below the 24.00/22.00 support zone for a test of the 2020 lows.
Resistance: 28.00, 32.00
Support: 24.00, 22.00
Additional key levels