- WTI bounces off intraday low, from the neckline of bearish formation.
- MACD condition, sustained break of 200-SMA favor sellers.
WTI consolidates weekly losses while picking up bids around $71.70, up 0.30% intraday, during early Friday.
In doing so, the black gold takes a U-turn from the support line of a bearish chart pattern, head-and-shoulders, on the four-hour (4H) chart. Even so, the 200-SMA breakdown and downbeat MACD signal further downside of the energy prices.
Hence, bears should wait for a clear downside break of $71.00 to aim for late May’s low around $65.00.
During the fall, the $70.00 threshold and the early June’s wing lows near $68.30–35 could test the commodity’s downside.
Meanwhile, a clear break of the 200-SMA level of $72.00 will highlight the $72.50 and $74.30 resistances.
However, WTI bulls may remain cautious until the quote stays below the $75.00 hurdle.
Overall, oil buyers seem to have tired and a confirmation of the bearish chart pattern can trigger the much-awaited pullback in prices.
WTI: Four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||71.33|
|Today Daily Change||0.14|
|Today Daily Change %||0.20%|
|Today daily open||71.19|
|Previous Daily High||72.49|
|Previous Daily Low||71.02|
|Previous Weekly High||76.4|
|Previous Weekly Low||70.28|
|Previous Monthly High||74.17|
|Previous Monthly Low||66.78|
|Daily Fibonacci 38.2%||71.58|
|Daily Fibonacci 61.8%||71.93|
|Daily Pivot Point S1||70.64|
|Daily Pivot Point S2||70.1|
|Daily Pivot Point S3||69.18|
|Daily Pivot Point R1||72.11|
|Daily Pivot Point R2||73.03|
|Daily Pivot Point R3||73.57|
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