|

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. 

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 price37.48
Today Daily Change0.02
Today Daily Change %0.05
Today daily open37.51
 
Trends
Daily SMA2039.98
Daily SMA5040.35
Daily SMA10040.46
Daily SMA20038.09
 
Levels
Previous Daily High39.14
Previous Daily Low37.11
Previous Weekly High41.93
Previous Weekly Low39.65
Previous Monthly High43.56
Previous Monthly Low36.43
Daily Fibonacci 38.2%37.88
Daily Fibonacci 61.8%38.36
Daily Pivot Point S136.7
Daily Pivot Point S235.89
Daily Pivot Point S334.67
Daily Pivot Point R138.72
Daily Pivot Point R239.94
Daily Pivot Point R340.75

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

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

More from Omkar Godbole
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 holds above 1.1750 due to cautious trade before FOMC Minutes

EUR/USD holds ground after four days of little losses, trading around 1.1770 during the Asian hours on Tuesday. The pair remains steady as US Dollar moves little amid market caution ahead of the Federal Open Market Committee December Meeting Minutes due later in the day, which could offer insights into the Federal Reserve’s 2026 outlook.

GBP/USD finds key support near 1.35 despite year-end grind

GBP/USD remains bolstered on the high end as markets grind through the last trading week of the year. Cable caught a bullish tilt to keep price action on the high side of the 1.3500 handle, though year-end holiday volumes are unlikely to see significant progress in either direction as 2025 draws to a close.

Gold gains on Fed rate cut bets, safe-haven demand

Gold price edges higher above $4,350 during the Asian trading hours on Tuesday. The precious metal recovers some lost ground after falling 4.5% in the previous session, which was gold's largest single-day loss since October. Increased margin requirements on gold and silver futures by the Chicago Mercantile Exchange Group, one of the world’s largest trading floors for commodities, prompted widespread profit-taking and portfolio rebalancing.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries, adoption of AI and tokenization of Real-World-Assets.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).