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4 May 2020
Oil New York Price Forecast: Limited upside potential for WTI
- WTI is consolidating losses below the 22.05 resistance.
- The level to beat for sellers remain the 19.35 support.
WTI four-hour chart
The WTI recovery is stalling below 22.05 resistance and the 100/200 SMAs on the four-hour chart. As the oil market stays in a strong downtrend the above-mentioned barrier can be difficult to overcome. In fact, sellers should stay in control and attempt a break below the 19.35 support in the coming sessions en route towards the 14.45 level. Conversely, a daily close above 22.05 could see further upside implications.
Resistance: 22.05, 26.16
Support: 19.35, 14.45
Additional key levels