WTI Price Analysis: Heavy around $68.50 as 50-SMA challenges short-term support break
|- WTI extends Friday’s pullback moves, refreshes intraday low.
- Downside break of a two-week-old rising trend line, descending RSI favor sellers.
- 100-SMA adds to the downside filters, bulls will wait for fresh monthly high.
WTI remains pressured around $68.50, down 0.60% intraday amid Monday’s Asian session. In doing so, the black gold justifies the recent downside break of a two-week-old rising support line, now resistance, amid descending RSI line.
Also favoring the WTI sellers could be the confirmation of double tops bearish formation, via a clear downside trading below the late August tops.
However, 50-SMA near $68.50 challenges the oil sellers targeting the monthly low around $67.00, also comprising 100-SMA.
In a case where WTI bears keep reins past $67.00, odds of witnessing $64.00, comprising August 19–20 levels, can’t be ruled out.
On the flip side, corrective pullback needs to regain above the previous support line of $68.85, as well as cross August month’s high of $69.50, to restore short-term bullish bias.
Even so, the oil bulls remain skeptical unless witnessing a clear upside break of the monthly peak, also the double tops, around $70.40-45.
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.