WTI Price Analysis: Oil under pressure after rejection at channel hurdle

WTI is trapped in an expanding channel on the 4-hour chart.
Wednesday's rejection at the channel hurdle has put the bears in the driver's seat.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI), a North American oil benchmark, is currently trading 0.45% lower on the day near $53.00 per barrel.

The losses come a day after prices failed to take out the upper end or resistance of the 4-hour chart expanding channel identified by trendlines connecting Jan. 13 and Jan. 14 highs and lows.

The rejection at the channel hurdle is backed by lower highs (bearish pattern) on the 4-hour chart Relative Strength Index. As such, a deeper drop could be seen while heading into the weekend.

Support is located at $51.81 (Jan. 17 low), followed by $51.00 (multi-month ascending trendline support).

4-hour chart

Trend: Bearish

Technical levels

WTI

Overview
Today last price	53
Today Daily Change	-0.12
Today Daily Change %	-0.23
Today daily open	53.12

Trends
Daily SMA20	50.57
Daily SMA50	47.37
Daily SMA100	43.44
Daily SMA200	39.65

Levels
Previous Daily High	53.8
Previous Daily Low	52.93
Previous Weekly High	53.94
Previous Weekly Low	51.51
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	53.47
Daily Fibonacci 61.8%	53.26
Daily Pivot Point S1	52.77
Daily Pivot Point S2	52.42
Daily Pivot Point S3	51.91
Daily Pivot Point R1	53.63
Daily Pivot Point R2	54.14
Daily Pivot Point R3	54.49

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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