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  • WTI bear trend stays intact as crude oil is close to challenge the 2020 lows. 
  • The level to beat for sellers is the 19.02 support (2020 low).

WTI daily chart

WTI is under heavy selling pressure trading near multi-year lows as black gold is at a shouting distance from the 2020 low at the 19.02 level.

WTI four-hour chart

WTI is trading below the main SMAs on the four-hour chart suggesting a negative bias in the medium term. As oil stays under heavy bearish pressure, the 2020 low will probably be challenged soon and a daily close below the 19.02 level could lead to further losses towards the 18.00, 16.15 and 13.30 price levels. On the flip side, pullbacks up can find resistance near the 22.00 and 24.00 price level near the 50 SMA. 

Additional key levels