Crude Oil Analysis: WTI bears challenges ascending triangle breakout above $65.40

WTI bears in charge of the daily time frame.
More downside with break below the ascending triangle.
Positive MACD warns against aggressive directional bets.

Rekha Chauhan Independent Analyst

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

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

WTI

Overview
Today last price	65.1
Today Daily Change	-0.99
Today Daily Change %	-1.50
Today daily open	66.09

Trends
Daily SMA20	62.31
Daily SMA50	62.15
Daily SMA100	57.54
Daily SMA200	49.46

Levels
Previous Daily High	66.15
Previous Daily Low	64.25
Previous Weekly High	65.4
Previous Weekly Low	60.64
Previous Monthly High	65.4
Previous Monthly Low	57.66
Daily Fibonacci 38.2%	65.43
Daily Fibonacci 61.8%	64.98
Daily Pivot Point S1	64.84
Daily Pivot Point S2	63.6
Daily Pivot Point S3	62.94
Daily Pivot Point R1	66.74
Daily Pivot Point R2	67.4
Daily Pivot Point R3	68.64

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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