• WTI drops for the second consecutive day, refreshes intraday low.
  • Bearish MACD signals, support break favor sellers to attack 50-SMA.
  • Monthly horizontal support, 200-SMA adds to the downside filters.

WTI crude oil extends the previous day’s pullback from multi-day top towards breaking short-term key support, refreshing intraday low near $83.50 during Friday’s Asian session. In doing so, the black gold drops 1.42% intraday by the press time.

Given the commodity’s clear downside break of the monthly trend line, coupled with the bearish MACD signals, WTI prices are likely to remain pressured towards the 50-SMA level of $83.00.

It should be noted, however, that the quote’s sustained downside past $83.00 makes it vulnerable to test the $80.00.

Though, the monthly horizontal area around $77.50-25 and the 200-SMA level of $75.95 will challenge the oil bears afterward.

On the flip side, corrective pullback needs to stay beyond the previous support line, around $84.25 at the latest, to convince the commodity buyers.

Following that, the eight-year high flashed on Thursday, near $87.00 and an ascending resistance line from January 06, near $87.75, will test the energy bulls targeting the $90.00 psychological magnet.

WTI: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 83.3
Today Daily Change -1.21
Today Daily Change % -1.43%
Today daily open 84.51
 
Trends
Daily SMA20 79.23
Daily SMA50 75.31
Daily SMA100 76.19
Daily SMA200 72.27
 
Levels
Previous Daily High 86.93
Previous Daily Low 84.42
Previous Weekly High 83.74
Previous Weekly Low 77.44
Previous Monthly High 77.26
Previous Monthly Low 62.34
Daily Fibonacci 38.2% 85.38
Daily Fibonacci 61.8% 85.97
Daily Pivot Point S1 83.64
Daily Pivot Point S2 82.77
Daily Pivot Point S3 81.13
Daily Pivot Point R1 86.15
Daily Pivot Point R2 87.8
Daily Pivot Point R3 88.67

 

 

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