|

WTI Price Analysis: Teases head-and-shoulders confirmation on 4H, focus on $71.00

  • 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

Overview
Today last price71.33
Today Daily Change0.14
Today Daily Change %0.20%
Today daily open71.19
 
Trends
Daily SMA2073.22
Daily SMA5069.65
Daily SMA10065.95
Daily SMA20056.89
 
Levels
Previous Daily High72.49
Previous Daily Low71.02
Previous Weekly High76.4
Previous Weekly Low70.28
Previous Monthly High74.17
Previous Monthly Low66.78
Daily Fibonacci 38.2%71.58
Daily Fibonacci 61.8%71.93
Daily Pivot Point S170.64
Daily Pivot Point S270.1
Daily Pivot Point S369.18
Daily Pivot Point R172.11
Daily Pivot Point R273.03
Daily Pivot Point R373.57

Author

Anil Panchal

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.

More from Anil Panchal
Share:

Editor's Picks

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as  Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.
 

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.