Based on the recent analysis, below are what to day about WTI Price
-
WTI remains pressured around monthly high, prints biggest daily loss in a week.
-
Overbought RSI, failures to cross 200-SMA favor sellers.
-
50% Fibonacci retracement level, previous resistance line challenge bears.
WTI crude oil prices stay below 200-SMA, down 0.50% intraday around $73.30 during Mondays Asian session. In doing so, the black gold teases 50% Fibonacci retracement (Fibo.) of November 09 to December 10 declines.
Given the receding bullish bias of MACD and overbought RSI, not to forget the quotes failures to cross the 200-SMA, oil prices are likely to remain pressured towards the $73.00 threshold, also comprising the stated Fibo. level.
It should be noted, however, that the 38.2% Fibonacci retracement and the previous resistance line from early November, respectively around $70.50 and $69.70, will challenge the WTI bears afterward.
Leave a Reply