WTI Price Analysis: Bulls on their last defenses below $97.00
- WTI sellers attack three-month-old support line while renewing fortnight low.
- MACD flashes the heaviest bearish signal since early December 2021, downside break of 21-DMA also favors sellers.
- Two-week-old horizontal area adds to the upside filters, 50-DMA lures bears.
WTI crude oil prices remain pressured around a two-week low near $96.70, down 3.8% intraday, heading into Tuesday’s European session.
In doing so, the black gold justifies the previous day’s downside break of the 21-DMA, as well as the MACD’s biggest bearish signal since December 03, 2021.
However, an upward sloping trend line from December 20, 2021, around $95.20, challenges the energy bears.
Following that, the 50-DMA and 61.8% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside, respectively near $91.60 and $86.70, will lure the WTI bears.
On the contrary, the recovery moves need to cross the 21-DMA level of $100.20 before attacking a short-term horizontal hurdle near $106.90.
In a case where WTI bulls cross $106.90, the $115.00 and $122.00 may test the upside momentum ahead of the latest peak surrounding $126.50.
Overall, WTI crude oil prices are near decisive support while suggesting further downside.
WTI: Daily chart
Trend: Further weakness expected
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.
