WTI Oil Technical Analysis: Sell-off to continue, albeit after a minor bounce
|- Currently, WTI oil is trading at $68.76 per barrel, having closed well below the 100-day EMA support yesterday.
- On the daily chart, WTI has breached the short-term rising trendline. The 5-day and 10-day EMAs are trending south. The RSI is bearish below 50.00 and the MACD is signaling that the bearish momentum is strengthening. However, oversold readings on stochastic could produce a minor bounce.
- On the hourly chart, we see a bullish divergence of the RSI and a bullish MACD.
- Hence, a minor bounce, possibly to downward sloping 50-hour EMA of $69.70, could be seen before further sell-off toward $66.89 (Sept. 7 low) unfolds.
- Only a daily close above the descending 10-day EMA would invalidate the bearish setup.
Hourly Chart
Current Price: $68.76
Daily High: $69.02
Daily Low: $68.64
Trend: Bearish
R1: $69.54 (100-day EMA)
R2: $70.00 (psychological hurdle)
R3: $70.54 (Oct. 11 low)
Support
S1: $68.50 (previous day's low)
S2: $67.98 (Sept. 14 low)
S3: $66.89 (Sept. 7 low)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.