Bears still ruling the market!

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WTI analysis – 20 April 2020

By: Ahura Chalki

After one week’s correction, a week ago, black gold tested its multi-year low since global recession destroyed all optimist outlook to short recovery of prices, as demand still staying much lower than expectations, while 10Mbd supply cut also is way less than oversupply volume.

Earlier today, POBC’s rate cut made a short recovery in prices, however, weekend data from Coronavirus in the US and new countries like Turkey, made a risk-off return, back to the market, once again.

For the week ahead, besides economic data, still COCID-19 headlines leading the market, with fewer hopes in short term fully reopening of economies and industries.

WTI technical overview – Daily chart (USOILS)

Technical indicators still supporting more bears. RSI sloping lower at 37, Parabolic SAR has its dots above the candles and EMA crossing strategy also in bearish mode.

Pivot points: 25.45

Resistance levels: 26.32 / 27.75

Support levels: 24.05 / 23.20

Today, the expected trading range is between 23.20 support and 26.32 resistance.


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