WTI is trading 0.79% higher on Monday as risk sentiment remains positive. There is a support level close by at USD 40.50 that should be watched. WTI 1-hour chart Like many other of the commodities markets, WTI is struggling with the balance of short term supply issues and lack demand due to the COVID-19 crisis. Companies like Chesapeake Energy have gone bankrupt in the US due to the recent oil price crash and this could have affected supply. For the most part, WTI has been trading higher on Friday. More recently the price has moved lower in the US session. The price is now heading towards a support area at USD 40.50 per barrel. One of the key features on the chart is the rising wedge pattern marked in black. If there is to be a break in either direction it could give us an indication of the future trajectory of the commodity. The indicators have started to turn south too. The Relative Strength Index has moved toward the 50 mid-point. The MACD histogram has turned red but the signal lines are still above the zero-line. This could mean that the price is still in an uptrend and until there is a lower low lower high price wave this would still be the case. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin SV Technical Analysis: BSV/USD eying up $200 after a massive 22% price boost FX Street 3 years WTI is trading 0.79% higher on Monday as risk sentiment remains positive. There is a support level close by at USD 40.50 that should be watched. WTI 1-hour chart Like many other of the commodities markets, WTI is struggling with the balance of short term supply issues and lack demand due to the COVID-19 crisis. Companies like Chesapeake Energy have gone bankrupt in the US due to the recent oil price crash and this could have affected supply. For the most part, WTI has been trading higher on Friday. More recently the price has moved lower in the US session. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.