{"id":5986,"date":"2021-04-01T08:00:00","date_gmt":"2021-04-01T07:00:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=5986"},"modified":"2021-04-01T14:09:44","modified_gmt":"2021-04-01T13:09:44","slug":"wti-oil-technical-analysis-downside-pressure-building-below-60-00","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-downside-pressure-building-below-60-00\/","title":{"rendered":"WTI Oil Technical Analysis &#8211; Downside pressure building below $60.00"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5986\" class=\"elementor elementor-5986\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f27e438 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f27e438\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6fc0094\" data-id=\"6fc0094\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-611f7df elementor-widget elementor-widget-text-editor\" data-id=\"611f7df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The price of West Texas Intermediate <a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\" rel=\"noopener\">oil<\/a> remains capped below the $60.00 resistance level as traders and investors keep a cautious tone ahead of today\u2019s April OPEC meeting, despite expectations that members will keep output unchanged.<\/p><p>WTI oil has staged a notable rebound towards the $62.20 area last week, however, the air has started to come out the rally, and West Texas Intermediate is now treading water around the $59.00 support level.<\/p><p>OPEC is expected to show supply discipline later today, with a number of key OPEC members leading the call for existing output cuts to be maintained. Reports suggest that Saudi Arabia, one of the world\u2019s largest oil producers, is willing to support keeping the cuts in place into May and even June this year.<\/p><p><a href=\"http:\/\/bit.ly\/35Gi5Ko\" target=\"_blank\" rel=\"noopener\">JP Morgan Chase<\/a>, a notable investment bank from the United States, has revealed that they expect OPEC to hold supply today, which should support oil prices in the near-term, although other investment banks are not quite so bullish towards OPEC holding the line.<\/p><p>ANZ bank from Australia has a bearish take on the oil make right now. ANZ noted \u201cOPEC&#8217;s cautious approach to the demand recovery saw it extend production curbs into April at the last meeting. Since then the outlook hasn&#8217;t become any clearer.\u201d<\/p><p>So far this year OPEC members holding supply has been bullish for the price of oil, and this would suggest that any bullish oil news from OPEC today should prop WTI back above $60.00 resistance level.<\/p><p>Additionally, the bank noted that the extension of lockdowns in Europe has delayed physical demand for oil, and at this juncture in time the physical market remains over-supplied. OPEC Secretary General Mohammad Barkindo went as far as saying that \u201cthe environment remains challenging, complex and uncertain.\u201d<\/p><p>It is certainly possible that the price of WTI oil could remain capped below the $60.00 benchmark level, even with a supply cut extended. The oil market may need to see demand dynamic returning before a sustainable new short-term bullish trend takes hold.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9bc4386 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9bc4386\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-537cf34\" data-id=\"537cf34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d381723 elementor-widget elementor-widget-image\" data-id=\"d381723\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"298\" height=\"109\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/Crude-chart.png\" class=\"attachment-large size-large wp-image-5991\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-46e6ddf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46e6ddf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ad3e29c\" data-id=\"ad3e29c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a3620a9 elementor-widget elementor-widget-text-editor\" data-id=\"a3620a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Market sentiment towards WTI oil remains bullish, but not worrying so going into the OPEC meeting. The ActivTrader Market Sentiment tool showed that some 81 percent of traders were bullish last month, now sentiment has shifted to just 53 percent bullish. This sentiment dynamic suggests that WTI may be contained to range bound trading conditions.<\/p><p><strong>WTI Oil Short-Term Technical Analysis<\/strong><\/p><p>According to the four-hour time frame a bearish head and shoulders pattern appears to be forming, with bears needing to hold the price below the $57.80 level to trigger a near $5.00 price drops.<\/p><p>It is noteworthy that the structure of the bearish price pattern has not fully formed yet, so further upside cannot be completely discounted at this stage of bears fail to maintain the decline.\u00a0Any sustained move above the $62.20 level could trigger further upside towards the $63.50, and possibly the $64.50 resistance zone.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-08165cf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"08165cf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-47da065\" data-id=\"47da065\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba44e9e elementor-widget elementor-widget-image\" data-id=\"ba44e9e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"342\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/crude-4h.png\" class=\"attachment-large size-large wp-image-5992\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cfd46be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cfd46be\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-788d7b3\" data-id=\"788d7b3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c92f04f elementor-widget elementor-widget-text-editor\" data-id=\"c92f04f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-44785bf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"44785bf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-07fe1c3\" data-id=\"07fe1c3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e3f341 elementor-widget elementor-widget-text-editor\" data-id=\"4e3f341\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>WTI Oil Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time frame chart, a much larger head and shoulders pattern has formed, which holds a mighty $10.00 project. Bears need to break the March monthly low to activate this pattern.<\/p><p>The monthly chart shows that a multi-year trendline, around the $63.00 level is the foremost resistance for WTI oil this month. A breakout above this level should underpin strength in oil prices.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d905440 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d905440\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b0cd80d\" data-id=\"b0cd80d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4bc7d24 elementor-widget elementor-widget-image\" data-id=\"4bc7d24\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"343\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/crude-1d.png\" class=\"attachment-large size-large wp-image-5993\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ffc6669 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ffc6669\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-740bd96\" data-id=\"740bd96\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4506a39 elementor-widget elementor-widget-text-editor\" data-id=\"4506a39\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The price of West Texas Intermediate oil remains capped below the $60.00 resistance level as traders and investors keep a cautious tone ahead of today\u2019s April OPEC meeting, despite expectations that members will keep output unchanged. WTI oil has staged a notable rebound towards the $62.20 area last week, however, the air has started to [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,9],"tags":[64,172,224,48],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WTI Oil Technical Analysis - Downside pressure building below $60.00 - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-downside-pressure-building-below-60-00\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WTI Oil Technical Analysis - Downside pressure building below $60.00\" \/>\n<meta property=\"og:description\" content=\"The price of West Texas Intermediate oil remains capped below the $60.00 resistance level as traders and investors keep a cautious tone ahead of today\u2019s April OPEC meeting, despite expectations that members will keep output unchanged. WTI oil has staged a notable rebound towards the $62.20 area last week, however, the air has started to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-downside-pressure-building-below-60-00\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-01T07:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-01T13:09:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/GettyImages-1135048914.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"511\" \/>\n\t<meta property=\"og:image:height\" content=\"284\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-downside-pressure-building-below-60-00\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-downside-pressure-building-below-60-00\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"WTI Oil Technical Analysis &#8211; 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