• WTI stays on the back foot for the fourth consecutive day.
  • A daily closing below 100-DMA, firmer bearish Momentum favor sellers.
  • 200-DMA will follow the trend line support, monthly falling trend line adds to the upside filters.

WTI takes offers around $67.17, down 0.10% intraday, during Tuesday’s Asian session. In doing so, the black gold drops for the fourth consecutive day towards an ascending trend line from late April.

Given the quote’s daily closing below 100-DMA amid a firmer Momentum line, the black gold prices are likely to remain pressured towards the key support line near $65.30.

However, a daily closing below $65.30 will make the commodity prices vulnerable to test the 200-DMA level of $60.35 and the $60.00 psychological magnet.

During the fall, the monthly low and May’s bottom, respectively around $65.00 and $61.50, could offer intermediate halts.

On the flip side, a sustained break of the 100-DMA level of $67.60 will direct the WTI prices towards a downward sloping trend line from July 30, near $68.10.

If at all, the oil buyers manage to keep the reins past $68.10, a horizontal area comprising multiple levels marked since mid-June, around $69.50, will be the key to follow.

WTI: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 67.12
Today Daily Change -0.11
Today Daily Change % -0.16%
Today daily open 67.23
 
Trends
Daily SMA20 69.79
Daily SMA50 71.26
Daily SMA100 67.53
Daily SMA200 60.22
 
Levels
Previous Daily High 68.04
Previous Daily Low 65.53
Previous Weekly High 69.42
Previous Weekly Low 65.03
Previous Monthly High 76.4
Previous Monthly Low 64.99
Daily Fibonacci 38.2% 66.49
Daily Fibonacci 61.8% 67.08
Daily Pivot Point S1 65.83
Daily Pivot Point S2 64.43
Daily Pivot Point S3 63.32
Daily Pivot Point R1 68.33
Daily Pivot Point R2 69.44
Daily Pivot Point R3 70.84

 

 

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