WTI struggles to extend two-day downtrend, grinds lower around weekly bottom.
Downside break of fortnight-long rising channel joins bearish MACD signals to keep sellers hopeful.
100-SMA, 200-SMA tests short-term downside, recovery moves have a bumpy road to the north.
In addition to the stated channel break, bearish MACD signals and fundamentals also hint at the quotes extended pullback from a multi-day high.
However, the 100-SMA level near $88.80 seems to challenge the black golds latest fall, a break of which will direct the commodity prices towards the $85.80-75 support zone before directing WTI bears to the 200-SMA level of $85.15.
Its worth noting that the $85.00 threshold will act as an extra filter to the south before recalling the oil bears targeting the late January lows near $82.85.
Alternatively, an upward sloping trend line from January 03, close to $90.20, challenges the energy benchmark‘s recovery moves, in addition to the stated channel’s lower line surrounding $89.40.
Even if the WTI bulls manage to cross the $90.20 hurdle, $91.80, $93.00 and the recent peak of $94.00 will challenge the further upside ahead of the upper line of the channel, around $94.65 by the press time.
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