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Crude Oil analysis – 26 March 2020
By: Ahura Chalki
Crude Oil ignored the biggest economic stimulus ever, as well as lower than expected Crude Oil Inventories, as EIA report, confirmed yesterday.
Crude oil lost almost 2% in the Asian season trading hours, followed the Asian stock markets as well as futures, all trading in the red. Even though the banks and government packages started to grow the hope in the market, but still there is no actual sign of when exactly things will return to its normal situation, when factories can start their production and airlines can do the flights.
As for now, still black gold has no motivation for bulls, as long as we have no positive signal of demands.
WTI technical analysis:
WTI currently trading at 24.84, which sits at its 20 HMA. While in the H1chart, technical indicator mostly remains of side movement, 200 HMA at $26 is still key resistance, breathing is level, can motivate the bulls to $28.60 (March 20 high) and trading under this level, will send the bears to $21.15 (March 21 low).
Pivot point: 24.83
Resistance levels: 26.03 / 26.97
Support levels: 23.90 / 22.70
Today, the expected trading range is between 22.70 support and 26.03 resistance.
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