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.

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

 

 

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