WTI Price Analysis: Bears set to test critical support at $62.65
|- Sellers return after WTI faces rejection above 50-HMA.
- The US oil clings to 21-HMA support just above the $63 mark.
- RSI turns bearish, key support at $62.65 appears at risk.
WTI (futures on NYMEX) has wiped off early gains, now back in the red zone around the $63 mark, as sellers fight back control in the European session.
At the time of writing, WTI is flirting with the downward-pointing 21-hourly moving average (HMA) support at $63.07, modestly lower on the day.
The bearish pressures got revived after the US oil failed to find acceptance once again above the 50-HMA at $63.26.
The next cushion for the WTI bulls is aligned at the horizontal trendline support at $62.65, from where the price has rebounded on a couple of occasions.
An hourly closing below that level could expose the bullish 100-HMA cap at $62.36.
The hourly Relative Strength Index (RSI) has edged into the bearish zone, backing the additional downside.
WTI one-hour chart
However, if the 50-HMA hurdle is scaled on a sustained basis, the bulls could look to challenge the April 16 high of $63.93.
Further up, the psychological $64.50 level will be on the buyers’ radars.
WTI additional levels
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