WTI Price Analysis: Bulls remain pressurized below $68.50

WTI gains on Thursday in the European trading hours.
A hold above 68.50 needs to confirm the upside momentum.
Momentum oscillator breaks the midline signifies underlying bearish momentum.

Rekha Chauhan Independent Analyst

After testing the low near $67.60 in the US session, West Texas Crude Oil (WTI) edges higher Thursday in the Asian trading session.

At the time of writing, WTI is trading at $68.09, up 0.44% for the day.

WTI daily chart

On the daily chart, WTI has been under intense selling pressure for the past three sessions. The formation of three black crow candlesticks pattern, which is a bearish technical pattern, suggests the continuation of the downside momentum.

In doing so, the first downside target would be the $ 67.08 horizontal support level followed by the July 21 low of $66.33.

The Moving Average Convergence Divergence (MACD) indicator trades below the midline. Any downtick in the MACD could accelerate the selling pressure.

That said, the WTI bears could meet the next downside target at the low of July 20 at $64.99.

Alternatively, if prices move higher, black gold could recover back to the $69.50 horizontal resistance level.

Next, the bulls would attempt to meet the 20-day Simple Moving Average (SMA) at $71.15.
A daily close above the 20-day SMA would encourage WTI bulls to testify $72.15 horizontal resistance level.

WTI additional levels

WTI

Overview
Today last price	68.13
Today Daily Change	0.33
Today Daily Change %	0.49
Today daily open	67.8

Trends
Daily SMA20	71.38
Daily SMA50	71.25
Daily SMA100	66.92
Daily SMA200	59

Levels
Previous Daily High	70.51
Previous Daily Low	67.67
Previous Weekly High	73.89
Previous Weekly Low	70.37
Previous Monthly High	76.4
Previous Monthly Low	64.99
Daily Fibonacci 38.2%	68.75
Daily Fibonacci 61.8%	69.42
Daily Pivot Point S1	66.81
Daily Pivot Point S2	65.82
Daily Pivot Point S3	63.97
Daily Pivot Point R1	69.65
Daily Pivot Point R2	71.5
Daily Pivot Point R3	72.49

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.

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