20 Apr 2020
Oil Asia Price Forecast: WTI futures take a historic dive into negative territories, sub-zero
- WTI May futures contract turn into negative territories fo the first time ever.
- The level to beat for bears is the 13.30 support.
WTI weekly chart
WTI is under unprecedented selling pressure trading in levels not seen since 1999 as the demand for the black gold literally vanished. In fact, WTI futures May contract fell to a historic low of $-37.60 a barrel, however, the June contract is trading at around $22.00 per barrel.
WTI four-hour chart
Bears remain in full control of the market below its main SMAs on the four-hour chart. Black gold broke below the 16.30 support opening the gates to further losses towards the 13.30, 10.60 and 8.30 levels in the medium term. Conversely, resistance can emerge near the 16.20, 18.00 and 22.00 price levels.
Additional key levels