WTI Price Analysis: Bears attack $67.00, four-month-old support in focus

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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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