WTI Price Analysis: Bulls consolidate below 50-day SMA near $69.60
- WTI pares its previous day’s gains and books fresh losses on Thursday.
- Bulls consolidate near the $69.00 level making it a crucial level to trade.
- Momentum oscillator holds onto the oversold zone with bullish crossover.
WTI prices rose on Wednesday after three days of continuous fall but failed to preserve the strength and surrenders some of their gains in Thursday's Asian session.
At the time of writing, WTI is trading at $69.13, down 0.05% for the day.
WTI daily chart
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On the daily chart, WTI remains under pressure below 50-day Simple Moving Average (SMA) at 70.05 since September 2.
The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD could further correct the prices toward the 23.6% Fibonacci retracement level, which extends from the low of $61.79 at $68.24.
Next, bears would aim at the September 1 low at $67.01.
If prices closed below the mentioned level, then it would find support at the 50.0% Fibonacci retracement level at $65.97
Alternatively, if prices are able to push above 50-day SMA, then the first upside target for the bulls would appear at $70.00.
Next, WTI would attempt to meet the high made on August 3 at $71.57.
A daily close above the mentioned level would further encourage WTI bulls to recapture the $72.50 horizontal resistance level.
WTI additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
