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WTI analysis – 16 April 2020
By: Ahura Chalki
When it comes to the Oil market, there are not many things to say at this moment, as of situation still the same as it was in past days or even weeks.
The main issue which black gold suffering from that is the demand, market demand is falling sharply, as still, two main users are off, factories and Airlines and as long as the situation is same, there is no hope for higher prices, unless if lockdowns getting less and travels to start.
For now, as the market is lowering for the 5th day in a row, maybe we will see some corrections around current levels, but lower prices are still expected.
WTI technical overview – H1 chart
RSI returned to 50, but moving flat, Parabolic SAR has its dots under the candles and price is above the 20 HMA, but still under the 50 HMA and EMA crossing strategy support the bears. Very short term correction is likely, but the longer-term and daily overview is still negative.
Pivot point: 26.22
Resistance levels: 27.07/ 28.56
Support levels: 24.73/ 23.88
Today, the expected trading range is between 23.88 support and 27.07 resistance.
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