- WTI retreats from six-day highs, while the 100-day SMA limits the recovery rally.
- An impending bearish crossover and a bearish RSI weigh on WTI prices.
- Path of Least Resistance Looks Down for Oil
WTI (NYMEX futures) is targeting a drop below the $ 67 level, consolidating the two-day rally of recovery, as the bulls ran into stiff resistance around $ 67.90 earlier this Wednesday.
Bitter market sentiment is doing little to help the WTI bulls, which are down from the six-day highs of $ 67.72 reached the day before.
From a short-term technical perspective, the WTI sellers have regained control after a rejection at the 100-day moving average at $ 67.89.
The bears need to break the daily lows of $ 66.92 to bend their knees towards the psychological barrier of $ 66.50.
If the sell deepens, then the WTI bulls could seek support at Tuesday’s low of $ 65.34.
The 14-day RSI has turned down below the midline, suggesting that the bearish traction is likely to accelerate.
Furthermore, the 21-day SMA is looking to pierce the 100 SMA from above, paving the way for a possible confirmation of a bearish crossover, adding credibility to the price decline.
WTI gráfico diary
On the upside, acceptance above the 100 SMA could find immediate resistance at the bearishly sloping 21 SMA at $ 68.02.
Higher up, the bulls will make a bid towards the August 12 high of $ 69.42. Finally, the round $ 70 level is the level to beat for the WTI bulls.
WTI additional levels
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
