WTI Price Analysis: Breaks monthly support line amid fresh declines toward $46.00
|- WTI refreshes intraday low, stays depressed for third consecutive day.
- Bearish MACD, sustained break of short-term support direct sellers toward 200-bar SMA.
- Bulls look for clear trading above $48.00 for fresh entries.
WTI takes offers around $46.40, down 1.38% intraday, during the early Wednesday. The energy benchmark extends the previous two day’s losses to the lowest in seven days after breaking an upward sloping trend line from December 02.
Other than the trend line breakdown, bearish MACD also favors the oil sellers targeting 200-bar SMA, at $44.60 now. However, any more downside will be challenged by the monthly low near $44.00.
In a case where the black gold remains pressured below $44.00, November 11 high near $43.30 can also act as a downside filter.
Meanwhile, multiple tops marked in one week around $48.00 highlight the horizontal line as the key upside hurdle even as the quote jumps back beyond the previous support line around $46.90.
Following that, the WTI buyers can eye to refresh the monthly top of $49.43, also the highest since late February, while eyeing the $50.00 threshold.
WTI four-hour chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.