- WTI eases from intraday top, remains mildly bid.
- Convergence of 200-SMA, three-week-old descending trend line probes bulls.
- Pullback moves can retest weekly support line, MACD portrays traders’ indecision.
WTI crude oil fades early Asian strength, eases to $71.90 by the press time of pre-European session trading on Wednesday. Even so, the black gold prints 0.27% gains on a day while keeping the previous day’s rebound from $70.90.
With the sluggish MACD conditions, bearish of late, the recent tops surrounding $72.20, also including 200-SMA and a downward sloping trend line from July 06, will keep testing the oil bulls.
However, a clear upside break of the same won’t hesitate to recall the $75.00 to the chart, comprising the mid-month top, before directing the energy buyers toward the monthly top near $76.40.
Alternatively, a pullback move, which is widely expected, will revisit a week-old support line near $70.80, a break of which will direct the WTI sellers to the $70.00 threshold.
It should be noted though that the oil bears’ dominance past $70.00 will be questioned by the last Thursday’s low near $69.70 before highlighting the monthly low surrounding $65.00.
WTI: Four-hour chart
Trend: Sideways
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
Gold picks up pace and flirts with $3,330, all-time peaks Premium
Gold now gathers extra steam and advances to the $3,330 region per troy ounce, reaching an all-time high. Ongoing worries over escalating US-China trade tensions and a softer US Dollar continue to underpin demand for the metal ahead of Powell's speech.
EUR/USD gathers traction and approaches 1.1400 ahead of Powell
EUR/USD remains well bid and approaches the key 1.1400 milestone, bolstered by a renewed bearish sentiment in the Greenback prior to Fed Chairman Powell’s remarks on the US economic outlook.
GBP/USD clings to daily gains near 1.3250
Despite the marked pullback in the US Dollar, GBP/USD now trims part of its earlier advance to the vicinity of 1.3300 the figure, or multi-month highs, as investors digest easing inflationary pressures in the UK ahead of Powell’s speech.
Bitcoin stabilizes around $83,000 as China opens trade talks with President Trump’s administration
Bitcoin price stabilizes around $83,500 on Wednesday after facing multiple rejections around the 200-day EMA. Bloomberg reports that China is open to trade talks with President Trump’s administration.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
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.