|

WTI Price Analysis: Oil bears struggle to keep the reins, $78.00 is the key

  • WTI crude oil remains pressured at the lowest levels in 13 days, prints four-day downtrend.
  • 100-EMA, one-month-old ascending support line challenge energy bears.
  • Looming bear cross on MACD, RSI retreat keeps Oil sellers hopeful.
  • Oil price uptrend remains elusive below $83.30-40 resistance zone.

WTI crude oil renews a two-week low to around $78.30 as it drops for the fourth consecutive day heading into Thursday’s European session. In doing so, the energy benchmark prods the 100-day Exponential Moving Average (EMA) while also approaching an upward-sloping support line from March 20.

That said, the quote’s U-turn from $83.40, as well as a downward-sloping of the previous resistance line from early December 2022, keeps the Oil bears hopeful. Adding strength to the downside bias is the impending bear cross on the MACD and RSI (14) retreat.

Even so, the black gold needs to provide a clear downside break of the 100-day EMA and the one-month-old ascending trend line, respectively near $78.40 and $78.00, to convince the bears.

Following that, February’s low of $72.50 will gain the market’s attention, a break of which could recall the $70.00 psychological magnet to the chart.

On the flip side, the $80.00 round figure restricts the immediate upside of the Oil prices ahead of a downward-sloping-resistance line from the last December, near $81.50.

Following that, the WTI crude oil can change a horizontal area surrounding $83.30-40 that holds the key for the buyer’s conviction.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price78.4
Today Daily Change-0.60
Today Daily Change %-0.76%
Today daily open79
 
Trends
Daily SMA2077.54
Daily SMA5076.44
Daily SMA10077.01
Daily SMA20082.31
 
Levels
Previous Daily High81.21
Previous Daily Low78.52
Previous Weekly High83.4
Previous Weekly Low79.4
Previous Monthly High80.99
Previous Monthly Low64.39
Daily Fibonacci 38.2%79.55
Daily Fibonacci 61.8%80.18
Daily Pivot Point S177.95
Daily Pivot Point S276.89
Daily Pivot Point S375.26
Daily Pivot Point R180.64
Daily Pivot Point R282.27
Daily Pivot Point R383.33

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD keeps range near 1.1750 ahead of German/ EU PMI data

 EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. The pair's volatility remains low, with investors awaiting a bunch of top-tier economic data releases from Germany, Eurozone and the US. The immediate focus is on the German and Eurozone preliminary PMI data. 

When is the UK labor market report and how could it affect GBP/USD?

The UK Office for National Statistics will publish its labor market report at 07.00 GMT. GBP/USD trades in negative territory on the day in the lead up to the UK employment data. The pair loses ground as traders turn cautious ahead of the key US economic data, including Nonfarm Payrolls, Retail Sales, and Purchasing Managers Index. 

Gold bulls move to the sidelines ahead of delayed US NFP report

Gold attracts some sellers during the Asian session on Tuesday and extends the overnight pullback from the $4,350 region, or the vicinity of the highest level since October 21, touched last week. The intraday downtick comes amid optimism over the Russia-Ukraine peace deal, which is seen undermining demand for the traditional safe-haven commodity. 

Sui Price Forecast: Sui slips below $1.50 as network demand and risk appetite wane

Sui remains under intense bearish pressure, extending losses by 1% at press time on Tuesday for the third straight day.

NFP preview: Complex data release will determine if Fed was right to cut rates

The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers. 

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.