- WTI is having one of its largest selloffs in history collapsing to $20 a barrel in about two months.
- WTI stays under heavy bearish pressure as March is coming to an end.
Oil daily chart
Crude oil collapsed sharply in the last weeks of trading as the barrel of oil is under heavy pressure near its lowest level since February 2002, hovering close to $20 per barrel.
Oil four-hour chart
WTI stays under heavy selling pressure below the main SMAs as sellers are looking to continue the selloff below the 20 level which might introduce scope to the 16 and 12 levels on the way down. Conversely, bulls would need to gather strength and regain at least the 28 resistance, however, they need to overcome the 22 and 24 resistance in the first place.
Additional key levels
Share
