The short-term downward trend, since the movement high of 8 March, continues to hold the black gold of the global economy in check. As can be seen impressively, US WTI oil has already been clearly rejected from this trend line several times and especially just yesterday at the start of the week. Monday's setback almost took it back to support at USD 57.40. Accordingly, the tension could not be greater. A defence of this level still allows a quick upward reaction to 62.00 USD. If there is further buying interest, a reaction to the level of 66.00 USD is possible, before the round 70.00 USD mark could be put on the agenda again. However, the dominance on the long side should come into play immediately.
If, on the other hand, the support level of USD 57.40 is abandoned, one would have to take into account an extension of the price weakness to the next support level at USD 52.00. A dip below this level would be a serious threat to the price. A dip below this level would be critical for the further course.
If, on the other hand, the support level of USD 57.40 is abandoned, one would have to take into account an extension of the price weakness to the next support level at USD 52.00. A dip below this level would be a serious threat to the price. A dip below this level would be critical for the further course.