Oil Price Analysis: WTI recovery stalled below $28.00 per barrel

  

 

 

The WTI recovery lost steam below the 28.00 resistance but still remains above the main SMAs on the four-hour chart. While crude oil is in an overall downtrend the above-mentioned level can be hard to overcome in the medium-term. Conversely, sellers would need a sustained break below the 24.00/22.00 support zone for a test of the 2020 lows.