WTI Price Analysis: Hourly RSI shows corrective bounce has ended

WTI trades near $37.80 versus $38.45 during the overnight trade.
The hourly chart shows an end of corrective bounce from $37.00.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude is currently trading near $37.80, representing a 0.7% decline on the day.

The hourly chart relative strength index has dived out of an ascending trendline, indicating an end of the black gold's bounce from weekly lows near $37.00.

The daily chart studies remain biased in favor of the bears. For instance, the 5- and 10-day simple moving averages continue to trend south, while the 14-day RSI hovers in bearish territory below 50.

As such, a re-test of $37.00 looks likely. Supporting the bearish case is the fact that major trading firms are again booking offshore oil storage tanks, a sign of weakening of demand.

A close above the descending 10-day SMA, currently at $40.66, is needed to invalidate the bearish outlook.

Hourly chart

Trend: Bearish

Technical levels

WTI

Overview
Today last price	37.80
Today Daily Change	0.40
Today Daily Change %	-0.55%
Today daily open	38.04

Trends
Daily SMA20	41.92
Daily SMA50	41.45
Daily SMA100	36.75
Daily SMA200	41.57

Levels
Previous Daily High	38.69
Previous Daily Low	36.49
Previous Weekly High	43.7
Previous Weekly Low	39.61
Previous Monthly High	43.86
Previous Monthly Low	39.75
Daily Fibonacci 38.2%	37.85
Daily Fibonacci 61.8%	37.33
Daily Pivot Point S1	36.79
Daily Pivot Point S2	35.55
Daily Pivot Point S3	34.6
Daily Pivot Point R1	38.99
Daily Pivot Point R2	39.93
Daily Pivot Point R3	41.18

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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