Oil Price Analysis: WTI rebound capped below $22.00 a barrel

  

 

 

The recent WTI bounce is stalling below the 22.05 resistance and the 100/200 SMAs on the four chart. Since the oil market remains in a strong bear trend it remains to be seen if the above-mentioned barrier can be overcome. In fact, bears should remain in control and attempt a break of the 19.35 support in the coming sessions en route towards the 14.45 level on the way down. On the flip side, a daily close above 22.05 can lead to further strength above.

 

 

Resistance: 22.05, 26.16

Support: 19.35, 14.45