- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Stays defensive around $80.00 threshold
WTI Price Analysis: Stays defensive around $80.00 threshold
- WTI struggles to extend bounce from weekly low, seesaws around 200-SMA.
- Bearish MACD tests buyers, six-week-old support line adds to the downside filters.
WTI snaps a two-day downtrend, consolidating the weekly losses around $80.35 during early Friday. In doing so, the black gold seesaws near the 200-SMA following the bounce off an ascending support line from October 01.
However, the quote’s failure to move much beyond the key moving average and bearish MACD signals hint at the further grind between the stated support line and a three-week-old descending trend line resistance.
Inside the area between $79.25 and $83.50 key technical levels, as mentioned above, multiple levels near $82.00 and the $80.00 round figure may test the WTI bulls.
Meanwhile, a downside break of the $79.25 support line will direct the oil benchmark towards the 61.8% Fibonacci retracement (Fibo.) of September 30 to October 25 upside, near $77.60.
Following that, late September’s peak near $76.50 and the six-week low of $73.00 will gain the WTI bears’ attention.
WTI: Four-hour chart
Trend: Sideways
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
