• WTI remains pressured around the lowest levels since late January.
  • Clear U-turn from 200-DMA, downside break of 61.8% Fibonacci retracement level favor bears.
  • Monthly support line challenges further downside as RSI approaches oversold territory.

WTI crude oil prices fade the corrective pullback from a nearly seven-month low, marked the previous day, as the bears keep reins for the third consecutive day. That said, the quote recently dropped to $86.25 during Wednesday’s Asian session.

The black gold’s latest weakness could be linked to its reversal from the $94.55 resistance confluence including the 200-DMA and 50% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside. Also keeping the commodity bears hopeful is the latest downside break of the 61.8% Fibo.

However, nearly oversold RSI (14) joins the monthly support line, at $85.30 by the press time, to challenge the WTI bears.

Also acting as a downside filter is the yearly low near $81.70, a break of which could make the quote vulnerable to a slump towards the early December 2021 high near $73.20.

Alternatively, recovery moves need to cross the 61.8% Fibonacci retracement level of $86.80 to convince WTI buyers.

Even so, the convergence of the 200-DMA and the 50% Fibo. near $94.55, appears a tough nut to crack for the bulls.

If at all the quote rises past $94.55, the odds of its run-up to the monthly high surrounding $101.00 can’t be ruled out.

WTI: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price 86.4
Today Daily Change -0.34
Today Daily Change % -0.39%
Today daily open 86.74
 
Trends
Daily SMA20 92.77
Daily SMA50 100.72
Daily SMA100 103.38
Daily SMA200 94.51
 
Levels
Previous Daily High 90.09
Previous Daily Low 85.39
Previous Weekly High 94.32
Previous Weekly Low 86.64
Previous Monthly High 109.54
Previous Monthly Low 88.34
Daily Fibonacci 38.2% 87.19
Daily Fibonacci 61.8% 88.3
Daily Pivot Point S1 84.73
Daily Pivot Point S2 82.71
Daily Pivot Point S3 80.03
Daily Pivot Point R1 89.43
Daily Pivot Point R2 92.11
Daily Pivot Point R3 94.12

 

 

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