- WTI bulls struggle to keep the reins inside short-term bearish chart formation.
- Sellers can target 200-hour EMA during fresh declines, oil bulls keep February 2020 top on radar.
WTI wavers around $51.00, currently up 0.10 intraday, during Friday’s Asian session. In doing so, the oil benchmark stays near the highest levels in 11 months while also portraying a bearish chart pattern on the hourly (1h) play.
Given the normal RSI conditions and a lack of immediate upside barrier, WTI is likely to stay positive for a while inside the stated chart formation.
However, any downside break of $50.95 will not hesitate to recall the sellers targeting the 200-hour EMA level of $49.15. During the fall, the $50.00 psychological magnet will be important.
Should the oil bears dominate past-$49.15, an ascending trend line from December 23, at $47.75 now, will be in the spotlight.
Meanwhile, the recently flashed multi-day high of $51.30 can offer immediate resistance to the quote ahead of directing it to the stated pattern’s upper line near $51.55.
If at all the WTI bulls defy the bearish chart pattern by clearing $51.55, February 2020 top near $54.70 will be their favorite.
WTI hourly chart
Trend: Pullback 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds gains below 1.1000 ahead of US CPI release
EUR/USD is tirmimng gains while below 1.1000 in the European session on Thursday. The Euro gains on the German coalition deal and Trump's 90-day pause on reciprocal tariffs. Meanwhile, the US Dollar finds demand on profit-booknig ahead of the US CPI data release.
GBP/USD trades firm above 1.2850, US CPI data awaited
GBP/USD sustained the rebound above 1.2850 in European trading hours on Thursday. The British Pound capitalizes on risk appetite, courtesy of Trump's tariff pause, allowing the pair to recover ground. But further upside hinges on the US CPI data and US-Sino trade updates.
Gold price eases from weekly top amid risk-on mood; still well bid above $3,100 ahead of US CPI
Gold price trims a part of its strong intraday gains to a one-week high touched during the early European session on Thursday and currently trades just above the $3,100 mark. Concerns about escalating US-China trade tensions, along with fears about a tariffs-driven economic slowdown, turn out to be key factors that continue to underpin the safe-haven bullion.
XRP back above $2 liquidating $18M in short positions, will the rally continue?
Ripple seeks support above $2.0020 on Thursday after gaining 14% in the past 24 hours. The token trades at $2.0007 at the time of writing, reflecting growing bullish sentiment across global markets.
Tariff rollercoaster continues as China slapped with 104% levies
The reaction in currencies has not been as predictable. The clear winners so far remain the safe-haven Japanese yen and Swiss franc, no surprises there, while the euro has also emerged as a quasi-safe-haven given its high liquid status.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.