WTI Price Analysis: Bulls remain pressurized below $68.50

After testing the low near $67.60 in the US session, West Texas Crude Oil (WTI) edges higher Thursday in the Asian trading session. At the time of wri  |  05/08/2021 01:44
  • WTI gains on Thursday in the European trading hours.
  • A hold above 68.50 needs to confirm the upside momentum.
  • Momentum oscillator breaks the midline signifies underlying bearish momentum.

After testing the low near $67.60 in the US session, West Texas Crude Oil (WTI) edges higher Thursday in the Asian trading session.

At the time of writing, WTI is trading at $68.09, up 0.44% for the day.

WTI daily chart

On the daily chart,  WTI has been under intense selling pressure for the past three sessions. The formation of three black crow candlesticks pattern, which is a bearish technical pattern, suggests the continuation of the downside momentum.

In doing so, the first downside target would be the $ 67.08 horizontal support level followed by the July 21 low of $66.33.

The Moving Average Convergence Divergence (MACD) indicator trades below the midline. Any downtick in the MACD could accelerate the selling pressure. 

That said, the WTI bears could meet the next downside target at the low of July 20 at $64.99.

Alternatively, if prices move higher, black gold could recover back to the $69.50 horizontal resistance level.

Next, the bulls would attempt to meet the 20-day Simple Moving Average (SMA) at $71.15.
A daily close above the 20-day SMA would encourage WTI bulls to testify $72.15 horizontal resistance level.

WTI additional levels

 

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