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


Today last price 64.84
Today Daily Change -0.43
Today Daily Change % -0.66
Today daily open 65.27
Daily SMA20 62.6
Daily SMA50 62.22
Daily SMA100 57.71
Daily SMA200 49.58
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD clings to modest daily gains near 1.1350 after US data

EUR/USD stays afloat in the positive territory near 1.1350 in the early American session as the greenback struggles to gather strength on retreating US T-bond yields. The data from the US revealed that Housing Starts and Building Permits rose by 1.4% and 9.1% on a yearly basis in December, respectively.


GBP/USD holds its ground in the positive territory above 1.3600

GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.


Gold: Bullish breakout exposes November monthly high at 1,877.15

Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. 

Gold News

Shiba Inu price has a good chance to surge to $0.000040

A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further. 

Read more

Microsoft bets big on Metaverse with $69bln deal for Activision Blizzard

The move will give the tech giant access to Activision’s 390 million monthly users and headline franchises such as Call of Duty, Warcraft and Candy Crush. Find out why Microsoft has made this move.

Read more