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- WTI Price Analysis: Bears flirt with six-week low around $77.50
WTI Price Analysis: Bears flirt with six-week low around $77.50
- WTI grinds lower at multi-day bottom, keeps downside break of 50-DMA.
- Bearish MACD signals back downside momentum towards July’s top.
- Three-week-old resistance line adds to the upside filters.
WTI crude oil dribbles around $77.50, following the heaviest daily fall in a week to test early October lows. Even so, the black gold extends the previous day’s downside break of the 50-DMA amid bearish MACD signals.
That said, the commodity prices remain directed towards July’s peak of $76.40 before challenging the 100-DMA surrounding $73.80.
Should the oil sellers keep reins past $73.80, the pair’s downside towards 50.0% and 61.8% Fibonacci retracement of August-October upside, respectively near $73.35 and $70.60, can’t be ruled out.
Alternatively, corrective pullback needs to provide a daily closing beyond the 50-DMA level of $78.10 to recall the WTI buyers.
Following that, the weekly resistance line and a descending trend line from late October, close to $79.20 and $83.00 in that, will be in focus.
If at all the oil prices cross the $83.00 hurdle, the previous month’s high near $85.00 should return to the chart.
WTI: Daily chart
Trend: Further weakness expected
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