WTI Price Analysis: Oil price hits three-week low

WTI hits three-week low, extending the previous week's 3% decline.
The daily chart indicators scope for further losses.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude, the North American oil benchmark, fell to $38.83 during Monday's early Asian trading hours to hit the lowest level since Oct. 5.

At the time of writing, WTI is trading at $39.18, representing a 1.68% decline on the day.

The daily chart relative strength index (RSI) now shows an ascending triangle breakdown, a bearish pattern. Further, the daily chart MACD histogram has crossed into the bearish territory below zero. As such, oil prices could suffer deeper losses this week. The bearish case would strengthen if prices find acceptance under the immediate support at $39.04 (Oct.12 low).

On the higher side, the horizontal resistance at $41.72 is the level to beat for the bulls.

WTI daily chart

Trend: Bearish

WTI technical levels

WTI

Overview
Today last price	39.18
Today Daily Change	-0.53
Today Daily Change %	-1.68
Today daily open	39.84

Trends
Daily SMA20	40.21
Daily SMA50	40.62
Daily SMA100	40.47
Daily SMA200	38.39

Levels
Previous Daily High	40.99
Previous Daily Low	39.65
Previous Weekly High	41.93
Previous Weekly Low	39.65
Previous Monthly High	43.56
Previous Monthly Low	36.43
Daily Fibonacci 38.2%	40.16
Daily Fibonacci 61.8%	40.48
Daily Pivot Point S1	39.33
Daily Pivot Point S2	38.82
Daily Pivot Point S3	38
Daily Pivot Point R1	40.67
Daily Pivot Point R2	41.5
Daily Pivot Point R3	42.01

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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