WTI Price Analysis: Risks further falls towards $58 mark whilst below 50-DMA


  • WTI sellers return following rejection at 50-DMA resistance at $60.32.
  • The US oil could risk a drop towards the ascending trendline support at $57.85.
  • RSI trades flat while within the bearish zone, pointing to more losses.  

WTI (futures on NYMEX) is snapping two-day bullish momentum on Thursday, as it returns to the red zone despite the upbeat market mood and broad-based US dollar decline.

The sentiment around the black gold remains undermined by an unexpected build in the American gasoline inventories, which overshadowed the drawdown in the crude stockpiles recorded last week.

From a near-term technical perspective, the WTI barrel remains exposed to the downside after it failed to find acceptance above the 50-daily moving average (DMA) at $60.32 for the third day in a row.

Adding credence to a potential move lower, the 14-day Relative Strength Index (RSI) keeps its bearish streak intact, as the indicator remains below the 50.00 level.

The ascending trendline support at $57.85 is expected to guard the downside, below which the March 23 low of $57.27 could be tested.

WTI one-day chart

On the flip side, WTI faces immediate resistance at the upward-sloping 50-DMA.

Further up the bearish 21-DMA at $61.46 could limit the recovery attempts.

WTI additional levels

WTI

Overview
Today last price 59.31
Today Daily Change -0.19
Today Daily Change % -0.32
Today daily open 59.58
 
Trends
Daily SMA20 61.57
Daily SMA50 60.18
Daily SMA100 54.23
Daily SMA200 47.4
 
Levels
Previous Daily High 60.06
Previous Daily Low 58.15
Previous Weekly High 62.25
Previous Weekly Low 58.88
Previous Monthly High 67.87
Previous Monthly Low 57.27
Daily Fibonacci 38.2% 59.33
Daily Fibonacci 61.8% 58.88
Daily Pivot Point S1 58.47
Daily Pivot Point S2 57.36
Daily Pivot Point S3 56.57
Daily Pivot Point R1 60.38
Daily Pivot Point R2 61.17
Daily Pivot Point R3 62.28

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD recovers to near 0.6450, shrugs off mixed Australian jobs data

AUD/USD recovers to near 0.6450, shrugs off mixed Australian jobs data

AUD/USD is rebounding to near 0.6450 amid renewed US Dollar weakness in the Asian session on Thursday. The pair reverses mixed Australian employment data-led minor losses, as risk sentiment recovers. 

AUD/USD News

USD/JPY bounces back toward 154.50 amid risk-recovery

USD/JPY bounces back toward 154.50 amid risk-recovery

USD/JPY bounces back toward 154.50 in Asian trading on Thursday, having tested 154.00 on the latest US Dollar pullback and Japan's FX intervention risks. A recovery in risk appetite is aiding the rebound in the pair. 

USD/JPY News

Gold rebounds on market caution, aims to reach $2,400

Gold rebounds on market caution, aims to reach $2,400

Gold price recovers its recent losses, trading around $2,370 per troy ounce during the Asian session on Thursday. The safe-haven yellow metal gains ground as traders exercise caution amidst heightened geopolitical tensions in the Middle East.

Gold News

Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.

Read more

Investors hunkering down

Investors hunkering down

Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.

Read more

Forex MAJORS

Cryptocurrencies

Signatures