WTI Price Analysis: Bulls struggle above $69 near double top formation
- WTI treads water on Tuesday in the Asian trading hours.
- Bulls consolidate near the $69.00 level making it a crucial level to trade.
- Momentum oscillator holds onto the oversold zone with bullish crossover.
WTI prices print minute gains on Tuesday, following the previous two session’s upside momentum.
At the time of writing, WTI is trading at $69.01, down 0.01% 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 near the $61.73 levels made on August 23 and retraced back to the $69.00 mark, where it currently hovers.
WTI still trades below the 50-day Simple Moving Average (SMA) at $70.24, which signifies the weakness in the black gold.
The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD could reverse the current upside momentum to fall back to the previous day’s low at $67.61.
Next, bears would aim toward the $66.72 horizontal support level followed by the August 24 low at $65.34.
Alternatively, if prices move higher, it would break the bearish slopping line to touch the high made on August 4 at $70.50.
Next, the bulls would attempt to meet the $71.20 horizontal resistance level.
A daily close above the mentioned level would further encourage WTI bulls to recapture the August 2 high of $73.54.
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.
