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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.

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 price68.13
Today Daily Change0.33
Today Daily Change %0.49
Today daily open67.8
 
Trends
Daily SMA2071.38
Daily SMA5071.25
Daily SMA10066.92
Daily SMA20059
 
Levels
Previous Daily High70.51
Previous Daily Low67.67
Previous Weekly High73.89
Previous Weekly Low70.37
Previous Monthly High76.4
Previous Monthly Low64.99
Daily Fibonacci 38.2%68.75
Daily Fibonacci 61.8%69.42
Daily Pivot Point S166.81
Daily Pivot Point S265.82
Daily Pivot Point S363.97
Daily Pivot Point R169.65
Daily Pivot Point R271.5
Daily Pivot Point R372.49

Author

Rekha Chauhan

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.

More from Rekha Chauhan
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