- WTI bears in charge of the daily time frame.
- More downside with break below the ascending triangle.
- Positive MACD warns against aggressive directional bets.
Oil prices extended Wednesday's losses and poised to trade with a negative bias in the Asian session.
At the time of writing, WTI is trading at $65.22, down 0.11% on the day.
WTI daily chart
-637558526470483867.png)
On the daily chart, WTI has been accumulating losses near the double top formation in the vicinity of 66.50. This also coincided with a failed breakout of the asymmetrical triangle formation from the lows of $57.31.
This pattern displays the continuation of the downward movement for WTI, where the first support level is placed at $64.25 (May 4). Moving further down, bears could retest Monday’s low at $62.88, and if that happens, the price will open the gates for $62, near the 50-day Simple Moving Average (SMA).
The Moving Average Convergence Divergence (MACD) indicator is placed above the midline with an upward bias, which signifies that bulls could come back into action to touch Wednesday’s high at $66.70. WTI Prices would then target the early March highs of $67.86 (March 8).
WTI additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD holds above 1.0700 after German inflation data
EUR/USD trades modestly higher on the day above 1.0700. The data from Germany showed that the annual HICP inflation edged higher to 2.4% in April. This reading came in above the market expectation of 2.3% and helped the Euro hold its ground.
USD/JPY recovers above 156.00 following suspected intervention
USD/JPY recovers ground and trades above 156.00 after sliding to 154.50 on what seemed like a Japanese FX intervention. Later this week, Federal Reserve's policy decisions and US employment data could trigger the next big action.
Gold holds steady above $2,330 to start the week
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.