WTI Price Analysis: Bears taking up the driving seat, eye break below $100bbls
|- WTI bears take control in Asia and eyes are on the further downside.
- The daily dynamic support is in focus as bears move towards $100 the figure.
The price of oil is a focus considering the sudden drop in the Asian session: US Pres. Biden team weighs a massive oil release to combat inflation, oil heavily offered
The following illustrates a bearish bias as the price falls below critical supports.
WTI hourly chart
The hourly chart is seeing the price drop below the support line which is now the counter trendline and would be expected to resistance attempts back to the upside. This leaves the focus on a break of $100bbls for the sessions ahead, as illustrated on the daily chart below:
WTI daily chart
The bears are in control as the price is rejected from the golden 61.8% ratio and embarks on a test of the dynamic daily trendline support. A break there opens risk to the prior daily lows near to $95 figure and slightly beyond, $92.40.
Further ahead, however, the monthly candle is drawing to a bullish close. If the wick remains as long as it is, then there could be prospects of a move higher next month as the correction reverses:
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