The worst recession since the 1930s!

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WTI analysis – 15 April 2020

By: Ahura Chalki

  • The IMF described the global decline as the worst since the Great Depression of the 1930s. (BBC).
  • API had its record high reports of inventory levels of US crude oil

The Tuesday API report of inventory levels of US crude oil, gasoline, and distillates stocks confirms 13.143 Mb increasing for the week ending on April 10. At the same time, the IMF’s latest description of the current crises shows that it can be way worse than the Great Depression of the 1930s. Both mentioned news and report, weighted on WTI price and pushed it lower at the latest trading hours of Tuesday. Even though at the beginning of the Asian season WTI had one dollar recovery above $27.70, but mixed stocks in Asia, sending it lower.

At the moment, news all about negative for WTI, while eyes are on today’s EIA report.

WTI technical overview – H1 chart

Candles returned under main EMA’s while RSI at 36 supporting the same bearish signal of Parabolic SAR. $26.45, the yesterday low is the immediate support, breaching under that can send the prices lower.

Pivot point: 27.44

Resistance levels: 28.41 / 30.16

Support levels: 25.70 / 24.72

Today, the expected trading range is between 24.72 support and 28.41 resistance.


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