WTI Price Analysis: Bears taking up the driving seat, eye break below $100bbls

WTI bears take control in Asia and eyes are on the further downside.
The daily dynamic support is in focus as bears move towards $100 the figure.

Ross J Burland FXStreet

The price of oil is a focus considering the sudden drop in the Asian session: US Pres. Biden team weighs a massive oil release to combat inflation, oil heavily offered

The following illustrates a bearish bias as the price falls below critical supports.

WTI hourly chart

The hourly chart is seeing the price drop below the support line which is now the counter trendline and would be expected to resistance attempts back to the upside. This leaves the focus on a break of $100bbls for the sessions ahead, as illustrated on the daily chart below:

WTI daily chart

The bears are in control as the price is rejected from the golden 61.8% ratio and embarks on a test of the dynamic daily trendline support. A break there opens risk to the prior daily lows near to $95 figure and slightly beyond, $92.40.

Further ahead, however, the monthly candle is drawing to a bullish close. If the wick remains as long as it is, then there could be prospects of a move higher next month as the correction reverses:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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