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Abstract:An absence of extreme RSI conditions joins recent break of previous key supports to keep bears hopeful.
Bulls need a clear break of ascending trend line from March 30 to retake control.
WTI crude oil prices take offers to refresh weekly low around $100.20, down 1.20% intraday, while extending the previous day‘s fall during Tuesday’s Asian session.
The black gold dropped the most on Monday while breaking 50-DMA, an upward sloping trend line from late April, as well as the 61.8% Fibonacci retracement (Fibo.) level of February-March upside.
Given the RSI lines normal behavior, by staying around 50 levels, the latest breakdowns favor WTI sellers as they target a monthly upward sloping support line, near $97.85 by the press time. However, the $100.00 psychological magnet may test the oil bears.
In a case where the commodity prices break the aforementioned support line, a two-month-old horizontal area surrounding $92.50-30 will be in the spotlight.
Alternatively, the 61.8% Fibo level of $102.25 guards any recovery moves of the black gold. Following that, 50-DMA and the support-turned-resistance from April 25, respectively around 104.20 and $104.95, will lure the buyers.
It‘s worth noting, however, that the oil buyers won’t be convinced until the quote stays below a six-week-old ascending resistance line, near $110.80 at the latest.
WTI: Daily chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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