WTI Price Analysis: Oil holds 200-day SMA, suffers biggest single-day drop since Sept.8

WTI holds the 200-day simple moving average support.
Indicators favor extension of Wednesday's 5.51% decline.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude, the North American oil benchmark, is currently near $37.50, having avoided a bearish close below the 200-day simple moving average (SMA) support on Wednesday.

However, the black gold ended the day with a 5.51% drop, the biggest single-day percentage loss since Sept. 8. The decline has strengthened the bearish view put forward by the 14-day relative strength index's ascending triangle breakdown confirmed last week.

Further, the MACD histogram is now charting deeper bars below the zero line, indicating a strengthening of the bearish momentum.

As such, a convincing break below the 200-day SMA at $37.30 looks likely. That would shift the focus to deeper support at $36.13 (Sept. 8 low).

On the higher side, a close above the psychological level of $40 is needed to weaken the bearish bias.

Daily chart

Trend: Bearish

Technical levels

WTI

Overview
Today last price	37.48
Today Daily Change	0.02
Today Daily Change %	0.05
Today daily open	37.51

Trends
Daily SMA20	39.98
Daily SMA50	40.35
Daily SMA100	40.46
Daily SMA200	38.09

Levels
Previous Daily High	39.14
Previous Daily Low	37.11
Previous Weekly High	41.93
Previous Weekly Low	39.65
Previous Monthly High	43.56
Previous Monthly Low	36.43
Daily Fibonacci 38.2%	37.88
Daily Fibonacci 61.8%	38.36
Daily Pivot Point S1	36.7
Daily Pivot Point S2	35.89
Daily Pivot Point S3	34.67
Daily Pivot Point R1	38.72
Daily Pivot Point R2	39.94
Daily Pivot Point R3	40.75

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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