WTI Price Analysis: Bears break $46.00 to refresh 13-month low, focus on $44.50
|- WTI bears keep dominating near the lowest level since early-January 2019.
- Failures to register pullback, a sustained trading below the initial monthly bottom keeps sellers hopeful.
WTI drops to $45.86, down 1.92%, during the early Friday. In doing so, the oil benchmark tests the lowest since January 02, 2019.
Given the quote’s sustained trading below near-term key resistances, coupled with failures to bounce, keep bears directed towards the lows marked during 2019 as well as December 27, 2018, around $44.50.
Should energy bears fail to ignore oversold RSI conditions and dominate below $44.50, December 2018 bottom close to $42.50/45 will be on their radar.
Meanwhile, bulls are less likely to enter below February 05 low of $49.44, a break of which could push oil prices towards 61.8% Fibonacci retracement of the upside between December 2018 and April 2019, around $51.65.
WTI daily chart
Trend: Bearish
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.