fxs_header_sponsor_anchor

News

WTI Price Analysis: Oil bears struggle to keep the reins, $78.00 is the key

  • WTI crude oil remains pressured at the lowest levels in 13 days, prints four-day downtrend.
  • 100-EMA, one-month-old ascending support line challenge energy bears.
  • Looming bear cross on MACD, RSI retreat keeps Oil sellers hopeful.
  • Oil price uptrend remains elusive below $83.30-40 resistance zone.

WTI crude oil renews a two-week low to around $78.30 as it drops for the fourth consecutive day heading into Thursday’s European session. In doing so, the energy benchmark prods the 100-day Exponential Moving Average (EMA) while also approaching an upward-sloping support line from March 20.

That said, the quote’s U-turn from $83.40, as well as a downward-sloping of the previous resistance line from early December 2022, keeps the Oil bears hopeful. Adding strength to the downside bias is the impending bear cross on the MACD and RSI (14) retreat.

Even so, the black gold needs to provide a clear downside break of the 100-day EMA and the one-month-old ascending trend line, respectively near $78.40 and $78.00, to convince the bears.

Following that, February’s low of $72.50 will gain the market’s attention, a break of which could recall the $70.00 psychological magnet to the chart.

On the flip side, the $80.00 round figure restricts the immediate upside of the Oil prices ahead of a downward-sloping-resistance line from the last December, near $81.50.

Following that, the WTI crude oil can change a horizontal area surrounding $83.30-40 that holds the key for the buyer’s conviction.

WTI: Daily chart

Trend: Further upside 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.