West Texas Intermediate oil prices continue to weigh on the support as the $30.10-30 level is rushed, reveals the next level, as its balances above the crucial level at $27.40-70, with $24.90-00 viewed beneath.
WTI oil prices slid -10% on Monday as the acceleration in coronavirus cases worldwide, which is bringing travel and business to a standstill, further dents global demand for crude.
As recession fear heightens on the global markets, WTI crude fell to an intraday low of $28.36.
As the market bulls continue to battle it out, it would seem the market bears are attempting to try and find a near-term bottom which may potentially hold from either from $27.40-70 or lower to $24.90-00, there is still the gap above that still needs to be filled.
Therefore, it is anticipated that there will be some type of event, either, technically or fundamentally, that triggers that price action to occur.
In the short term though, it is assessed a break and close (New York) above $35.00 should trigger renewed demand to either fill the gap to either to $38.00 or $41.00.
Conversely, a move sub/beneath $27.40-70 would draw attention to the next critical level at $24.90-00. Reassess from there.