WTI Price Analysis: On offer below $61.00, bearish flag in focus

WTI extends the previous day’s pullback from $62.00.
Bearish chart pattern, downbeat MACD and sustained trading below key moving average s favor sellers.
One-week-old falling trend line adds to the upside barriers.

Anil Panchal FXStreet

WTI stands on the slippery grounds near $60.80, down 0.80% intraday, during early Tuesday. In doing so, the black gold stays depressed for the second consecutive day inside a bearish flag.

Also suggesting the quote’s further losses could be bearish MACD signals and firm trading below 100 and 200-HMAs, not to forget a downward slopping resistance line from March 15.

It should, however, be noted that the stated flag’s support, at $60.30 now, can test the oil bears before driving them down towards January tops near $54.00.

Though, lows marked during early February around $57.30 may offer an intermediate halt during the fall.

Meanwhile, the corrective pullback will have to cross the 100-HMA level of $62.23 before challenging the bearish chart pattern, by eyeing an upside break of $62.45.

Even so, a short-term resistance line and 200-HMA, respectively around $63.50 and $63.80, will challenge the WTI bull’s return.

WTI hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	60.8
Today Daily Change	-0.48
Today Daily Change %	-0.78%
Today daily open	61.28

Trends
Daily SMA20	63.16
Daily SMA50	58.64
Daily SMA100	52.07
Daily SMA200	46.26

Levels
Previous Daily High	62.02
Previous Daily Low	60.34
Previous Weekly High	66.43
Previous Weekly Low	58.33
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	60.98
Daily Fibonacci 61.8%	61.37
Daily Pivot Point S1	60.41
Daily Pivot Point S2	59.53
Daily Pivot Point S3	58.73
Daily Pivot Point R1	62.09
Daily Pivot Point R2	62.89
Daily Pivot Point R3	63.77

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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