Oil New York Price Forecast: WTI race to the bottom goes on

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  • WTI remains under unprecedented selling pressure on the second day of the week. 
  • The level to beat for bears is the 5.50 support.
 

WTI daily chart

 
WTI is extremely strong selling pressure as the demand for the black gold remains absent.
 
 

WTI four-hour chart

 
WTI took another impressive spike down as the bears remain in full control of the market. A break below $5.50 a barrel can send the oil further down near 2.74 and 1.35 in the medium-term. Resistance can emerge near 10.60, 13.46 and 16.10 levels.  
  

Additional key levels 

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