WTI Price Analysis: Bulls face strong resistance near descending trendline around $68.00
- WTI edges down at the end of the week in Asian trading hours.
- Bulls consolidate near the $68.00 level for the previous three sessions.
- Momentum oscillator holds onto oversold zone warns of aggressive bets.
WTI prices edge lower on Friday following the previous two session’s lull performance.
At the time of writing, WTI is trading at $67.49, down 0.24% for the day.
WTI daily chart
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On the daily chart, WTI has been under intense pressure since the beginning of the descending trend channel from the high of $76.40 made on July 6.
Prices took shelter at the double bottom formation near the $61.80 levels and retraced back to highs of $68.44, where it currently hovers.
The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD could aid the downside movement below the 20-day Simple Moving Average (SMA) at $67.27 to the $66.70 horizontal support level.
Next, bears would aim toward the low of August 24 at $65.34, followed by the $64.70 horizontal support level.
Alternatively, if prices move higher, it could move back to $68.70 horizontal resistance level, above the bearish sloping line.
Next, the bulls would attempt to meet the high made on August 6 at $69.22.
A daily close above the mentioned level would further encourage WTI bulls to recapture the $70.40 horizontal resistance level.
WTI additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
