• WTI dribbles inside a bearish chart pattern around six-week low.
  • Steady RSI and sustained trading below 100-HMA favor bears.
  • Eight-day-old resistance line adds to the upside filters.

WTI crude oil traders lick their wounds near $103.50, up 0.15% intraday, heading into Friday’s European session. In doing so, the black gold remains inside a two-day-old bearish pennant formation while taking rounds to the lowest levels in six weeks.

It’s worth noting that the quote’s failure to rise past 100-HMA and steady RSI, together with the aforementioned pennant, gives rise to hopes of witnessing the further downside.

However, a clear break of the $103.00 becomes necessary for the WTI bears to retake control.

Following that, the theory suggests a $20.00 slump in commodity prices. However, the recent low near $101.00 and the $100.00 psychological magnet may act as additional validation points for the commodity’s further downside.

Meanwhile, recovery moves should cross the pennant’s resistance line, at $105.20 by the press time, to recall the buyers.

Even so, the 100-HMA level of $106.40 and a downward sloping resistance line from June 14, close to $108.50 at the latest, could challenge the WTI crude oil’s further upside.

In a case where the black gold rises past $108.50, the $110.00 appears to be the last defense for the bears.

WTI: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 103.52
Today Daily Change 0.19
Today Daily Change % 0.18%
Today daily open 103.33
 
Trends
Daily SMA20 114.17
Daily SMA50 109.09
Daily SMA100 104.38
Daily SMA200 91.03
 
Levels
Previous Daily High 106.45
Previous Daily Low 101.81
Previous Weekly High 121.02
Previous Weekly Low 106.2
Previous Monthly High 118.66
Previous Monthly Low 97.21
Daily Fibonacci 38.2% 103.58
Daily Fibonacci 61.8% 104.68
Daily Pivot Point S1 101.28
Daily Pivot Point S2 99.23
Daily Pivot Point S3 96.64
Daily Pivot Point R1 105.92
Daily Pivot Point R2 108.5
Daily Pivot Point R3 110.55

 

 

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