• WTI extends Friday’s pullback from a two-month high, battles support line of a short-term bearish chart pattern.
  • 50-SMA adds to the downside filters, bearish MACD and failures to cross $80.00 keep sellers hopeful.

WTI remains pressured towards $78.00, down 0.80% intraday during Monday’s Asian session.

The black gold reversed from the highest levels since mid-November on Friday while portraying the buyers’ exhaustion inside a monthly rising wedge bearish pattern.

That said, the commodity’s inability to cross the $80.00 threshold and downbeat MACD signals hint at the further downside of the quote.

However, a clear break of $78.00 won’t be necessary for the WTI bears as the 50-SMA level surrounding $76.90 tests the sellers.

On breaking the $76.90 support, WTI crude oil confirms a bearish chart pattern with theoretical target near late December’s low close to $66.00. Though, a convergence of the 200-SMA and 50% Fibonacci retracement (Fibo.) of November – December downside, around $72.80-90, will offer an intermediate halt during the fall.

Alternatively, an upside clearance of the $80.00 will be a trigger for the oil prices rally towards the $84.00, near to November’s top. Following that, the year 2021 peak near $85.00 will be in focus.

WTI: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 78.31
Today Daily Change -0.38
Today Daily Change % -0.48%
Today daily open 78.69
Daily SMA20 74.09
Daily SMA50 74.99
Daily SMA100 74.87
Daily SMA200 71.27
Previous Daily High 79.97
Previous Daily Low 78.18
Previous Weekly High 79.97
Previous Weekly Low 74.12
Previous Monthly High 77.26
Previous Monthly Low 62.34
Daily Fibonacci 38.2% 78.86
Daily Fibonacci 61.8% 79.29
Daily Pivot Point S1 77.92
Daily Pivot Point S2 77.15
Daily Pivot Point S3 76.12
Daily Pivot Point R1 79.71
Daily Pivot Point R2 80.74
Daily Pivot Point R3 81.51



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