|

WTI Price Analysis: Oil price hits three-week low

  • WTI hits three-week low, extending the previous week's 3% decline. 
  • The daily chart indicators scope for further losses.

West Texas Intermediate (WTI) crude, the North American oil benchmark, fell to $38.83 during Monday's early Asian trading hours to hit the lowest level since Oct. 5.

At the time of writing, WTI is trading at $39.18, representing a 1.68% decline on the day. 

The daily chart relative strength index (RSI) now shows an ascending triangle breakdown, a bearish pattern. Further, the daily chart MACD histogram has crossed into the bearish territory below zero. As such, oil prices could suffer deeper losses this week. The bearish case would strengthen if prices find acceptance under the immediate support at $39.04 (Oct.12 low). 

On the higher side, the horizontal resistance at $41.72 is the level to beat for the bulls. 

WTI daily chart

Trend: Bearish

WTI technical levels

WTI

Overview
Today last price39.18
Today Daily Change-0.53
Today Daily Change %-1.68
Today daily open39.84
 
Trends
Daily SMA2040.21
Daily SMA5040.62
Daily SMA10040.47
Daily SMA20038.39
 
Levels
Previous Daily High40.99
Previous Daily Low39.65
Previous Weekly High41.93
Previous Weekly Low39.65
Previous Monthly High43.56
Previous Monthly Low36.43
Daily Fibonacci 38.2%40.16
Daily Fibonacci 61.8%40.48
Daily Pivot Point S139.33
Daily Pivot Point S238.82
Daily Pivot Point S338
Daily Pivot Point R140.67
Daily Pivot Point R241.5
Daily Pivot Point R342.01

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 bounces toward 1.1750 as US Dollar loses strength

EUR/USD returned to the 1.1750 price zone in the American session on Friday, despite falling Wall Street, which indicates risk aversion. Trading conditions remain thin following the New Year holiday and ahead of the weekend, with the focus shifting to US employment and European data scheduled for next week.

GBP/USD nears 1.3500, holds within familiar levels

After testing 1.3400 on the last day of 2025, GBP/USD managed to stage a rebound. Nevertheless, the pair finds it difficult to gather momentum and trades with modest intraday gains at around 1.3490 as market participants remain in holiday mood.

Gold trims intraday gains, approaches $4,300

Gold retreated sharply from the $4,400  area and trades flat for the day in the $4,320 price zone. Choppy trading conditions exacerbated the intraday decline, although XAU/USD bearish case is out of the picture, considering growing expectations for a dovish Fed and persistent geopolitical tensions.

Cardano gains early New Year momentum, bulls target falling wedge breakout

Cardano kicks off the New Year on a positive note and is extending gains, trading above $0.36 at the time of writing on Friday. Improving on-chain and derivatives data point to growing bullish interest, while the technical outlook keeps an upside breakout in focus.

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).