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- WTI Price Analysis: Drops back below 200-DMA, sellers eye $65.00
WTI Price Analysis: Drops back below 200-DMA, sellers eye $65.00
- WTI remains pressured around weekly low during three-day downtrend.
- Five-week-old resistance line adds to the upside filters.
- Downbeat Momentum line adds to the bearish bias directing sellers to nine-month-old ascending trend line.
WTI refreshes intraday low, near to the weekly bottom of $69.33, while taking offers near $69.45 during early Wednesday morning in Europe.
In doing so, the black gold portrays a three-day pullback from a downward sloping trend line from early November to drop back below the 200-DMA level. Also supporting the quote is the Momentum line that dribbles inside the negative territory.
That said, seven-month-old horizontal support near $67.10 is likely nearby support to watch during the WTI crude oil’s further declines.
However, an upward sloping support line from March, near $65.00, will challenge the oil sellers afterward.
Meanwhile, a daily closing beyond the 200-DMA level of $70.20 will need validation from the aforementioned resistance line near $72.00 to convince energy buyers to take entries.
In a case where WTI bulls cross the $72.00 hurdle, the monthly high near $73.20 will act as an upside filter before directing oil prices towards late July’s swing high near $73.90.
WTI: Daily chart
Trend: Further weakness expected
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