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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
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