WTI Crude Oil recoups some losses after sell-off

WTI crude Oil rises from 17-month low.
Momentum oscillators gain some ground.

Melina Deltas, CFTe XM

WTI crude oil has finally climbed higher from the 17-month low of 65.70 after the aggressive selling interest from the 78.75 resistance. Over the last three weeks, the commodity has lost more than 16%, switching the outlook to strongly bearish.

According to technical oscillators, the MACD is losing its negative momentum and is ticking slightly up, while the stochastic oscillator is heading north after the bullish crossover within its %K and %D lines in the oversold area. Both are indicating that the sharp selling interest may come to an end.

If the market continues the upside rally, then the price may find resistance at the 70.00 psychological level ahead of the 71.30 and 72.70 levels. A jump above the uptrend line and the 20-day simple moving average (SMA) could find immediate obstacle at the short-term descending trend line at 76.60, which overlaps with the 50-day SMA.

In the negative scenario, a downturn beneath the multi-month low could boost the sell-off until the next support which is taken from the bottom in April 2023 at 63.60.

In brief, oil prices have been in a significant downward move since July 3 and only a jump above the 84.70 resistance level may switch the outlook to bullish.

Author

Melina Deltas, CFTe

Melina joined XM in December 2017 as an Investment Analyst in the Research department. She can clearly communicate market action, particularly technical and chart pattern setups.

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