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  • WTI bear trend stays intact below $21 per barrel.  
  • The level to beat for sellers is the 19.02 support and 2020 low.

WTI daily chart

WTI is trading near multi-year lows as the market is set to refresh 2020 low at the 19.02 level. The recent retracement up to $28 a barrel was a dead-cat-bounce.  

WTI four-hour chart

Crude oil is trading below the main SMAs on the four-hour chart suggesting a negative bias in the medium term. WTI broke below 22 support and the market is likely heading towards the 19.02 level. If the bulls fail to support this level, oil could decline further towards the 18.00 and 16.00 levels. Resistance can be seen near the 22.00 and 24.00 levels.

Additional key levels