You risk falling towards the $ 58.00 level as long as it remains below the 50-day SMA

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  • WTI sellers are back in the markets after rejection of the 50-day SMA resistance at $ 60.32.
  • US oil could risk a slide towards the rising trend line support at $ 57.85.
  • The RSI remains flat within the bearish zone, which points to further losses.

WTI (NYMEX futures) is halting its two-day bullish momentum on Thursday and remains largely unchanged despite market optimism and the widespread decline in the US dollar.

Sentiment around black gold continues to be undermined by an unexpected rise in US gasoline inventories, which overshadowed the decline in crude stocks last week.

From a short-term technical perspective, the barrel of WTI remains exposed to the downside after it failed to find acceptance above the 50-day moving average at $ 60.32 for the third day in a row.

Adding credibility to a potential move to the downside, the 14-day RSI keeps its bearish trajectory intact, with the indicator remaining below the 50 level.

The rising trend line support at $ 57.85 is expected to defend the decline, below which the March 23 low of $ 57.27 could be tested.

On the other hand, the WTI faces immediate resistance at the upward sloping 50-day SMA.

Higher up, the bearishly sloping 21-day SMA at $ 61.46 could limit recovery attempts.

WTI gráfico diary

WTI

WTI additional levels

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