Crude Oil Analysis: WTI set for more downside below 61.8% Fibonacci retracement

WTI prints some gains in the Asian session.
The risk to the downside remains on four-hour chart.
Bearish momentum oscillators tilt in favor of bears.

Rekha Chauhan Independent Analyst

Oil prices remain off the lows and manage to stay above $64.90 in the Asian session. WTI faces stiff resistance near $66.50 as of Wednesday, and prices came under selling pressure after making a daily high of 66.75.

At the time of writing, WTI is trading at $64.92, up 0.32% on the day.

WTI four hourly chart

On the four-hour chart, WTI has been nursing the previous day’s losses while making an effort to reclaim the $65 psychological mark. Prices are hovering around the 50% Fibonacci retracement level placed near $64.80 with the possibility of falling toward $64.50, which is the 61.8% Fibonacci retracement level.

The Moving Average Convergence Divergence (MACD) indicator is above the midline, after completing a bearish crossover. This displays that bears are gaining momentum, and could potentially drag prices toward $64 horizontal support, followed by weekly lows of $62.88 (May 3).

If prices begin moving higher, the first hurdle emerges near the 38.2% Fibonacci retracement level near $65.30, and then at $65.80. This Coincides with the 23.6% Fibonacci retracement. Bulls will keep their eyes on Wednesdays high at $66.70.

WTI additional levels

WTI

Overview
Today last price	64.84
Today Daily Change	-0.43
Today Daily Change %	-0.66
Today daily open	65.27

Trends
Daily SMA20	62.6
Daily SMA50	62.22
Daily SMA100	57.71
Daily SMA200	49.58

Levels
Previous Daily High	66.7
Previous Daily Low	64.9
Previous Weekly High	65.4
Previous Weekly Low	60.64
Previous Monthly High	65.4
Previous Monthly Low	57.66
Daily Fibonacci 38.2%	65.59
Daily Fibonacci 61.8%	66.01
Daily Pivot Point S1	64.55
Daily Pivot Point S2	63.82
Daily Pivot Point S3	62.75
Daily Pivot Point R1	66.35
Daily Pivot Point R2	67.43
Daily Pivot Point R3	68.15

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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