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3 Apr 2020
Oil Price Analysis: WTI trades in three-week’s highs near $26.50 a barrel
- Oil is well supported after Trump gives hope for a Saudi-Russian deal.
- The level to beat for buyers is the 28.00 resistance.
WTI daily chart
WTI is jumping from multi-year lows following the US President Trump’s tweet of yesterday (Thursday) suggesting a Saudi-Russian deal was on the pipeline.
WTI four-hour chart
WTI is attempting to break from the range of the last weeks while holding above the 24.00 level and the 50/100 SMAs on the four-hour chart as a breakout above the 28.00 handle can introduce scope to further gains towards $32.00 a barrel. Support is seen near the 24.00, 22.00 and 20.00 levels.
Additional key levels