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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	96.75
Today Daily Change	-3.75
Today Daily Change %	-3.73%
Today daily open	100.5

Trends
Daily SMA20	100.38
Daily SMA50	91.22
Daily SMA100	83.3
Daily SMA200	77.78

Levels
Previous Daily High	106.79
Previous Daily Low	98.12
Previous Weekly High	126.51
Previous Weekly Low	101.2
Previous Monthly High	100
Previous Monthly Low	85.74
Daily Fibonacci 38.2%	101.43
Daily Fibonacci 61.8%	103.48
Daily Pivot Point S1	96.81
Daily Pivot Point S2	93.13
Daily Pivot Point S3	88.14
Daily Pivot Point R1	105.49
Daily Pivot Point R2	110.47
Daily Pivot Point R3	114.16

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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