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30 Mar 2020
Oil Asia Price Forecast: WTI agonising in multi-year lows, trades near $20 a barrel
- WTI is suffering one of its largest selloffs in history plummeting to $20 a barrel in a matter of weeks.
- WTI remains under heavy selling pressure as March is coming to an end.
Oil daily chart
WTI collapsed sharply in the last two months of trading as WTI is agonising near its lowest level since February 2002, near $20 per barrel.
Oil four-hour chart
The oil market remains under heavy selling pressure below the main SMAs as bears are looking to extend the selloff below the 20 level which could introduce scope to the 16 and 12 levels on the way down. On the flip side, buyers would need to gather strength at least above the 28 resistance but they need to overcome the 22 and 24 resistance on the way up.
Additional key levels