WTI Oil Technical Analysis: Sell-off to continue, albeit after a minor bounce

Currently, WTI oil is trading at $68.76 per barrel, having closed well below the 100-day EMA support yesterday.
On the daily chart, WTI has breached the short-term rising trendline. The 5-day and 10-day EMAs are trending south. The RSI is bearish below 50.00 and the MACD is signaling that the bearish momentum is strengthening. However, oversold readings on stochastic could produce a minor bounce.
On the hourly chart, we see a bullish divergence of the RSI and a bullish MACD.
Hence, a minor bounce, possibly to downward sloping 50-hour EMA of $69.70, could be seen before further sell-off toward $66.89 (Sept. 7 low) unfolds.
Only a daily close above the descending 10-day EMA would invalidate the bearish setup.

Omkar Godbole FXStreet Contributor

Hourly Chart

Current Price: $68.76

Daily High: $69.02

Daily Low: $68.64

Trend: Bearish

Resistance

R1: $69.54 (100-day EMA)

R2: $70.00 (psychological hurdle)

R3: $70.54 (Oct. 11 low)

Support

S1: $68.50 (previous day's low)

S2: $67.98 (Sept. 14 low)

S3: $66.89 (Sept. 7 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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