WTI remains pressured towards $78.00, down 0.80% intraday during Monday’s Asian session.
The black gold reversed from the highest levels since mid-November on Friday while portraying the buyers’ exhaustion inside a monthly rising wedge bearish pattern.
That said, the commodity’s inability to cross the $80.00 threshold and downbeat MACD signals hint at the further downside of the quote.
However, a clear break of $78.00 won’t be necessary for the WTI bears as the 50-SMA level surrounding $76.90 tests the sellers.
On breaking the $76.90 support, WTI crude oil confirms a bearish chart pattern with theoretical target near late December’s low close to $66.00. Though, a convergence of the 200-SMA and 50% Fibonacci retracement (Fibo.) of November – December downside, around $72.80-90, will offer an intermediate halt during the fall.
Alternatively, an upside clearance of the $80.00 will be a trigger for the oil prices rally towards the $84.00, near to November’s top. Following that, the year 2021 peak near $85.00 will be in focus.
Trend: Further weakness expected
© 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.