WTI Crude Oil Technical Analysis: Falling to a Seven Month Low
On Thursday (August 22) during the European trading session, WTI crude oil futures rose slightly, trading at $72.22 per ounce, an increase of 0.40%.
WTI crude oil futures have been steadily declining since falling below the 200 day moving average (SMA) in mid August. On Wednesday, WTI crude oil futures fell to a seven month low and then stabilized at a psychological level slightly above $70.
WTI Crude Oil Daily Chart
If bears try to push prices down, they first need to occupy 72.03, which is the 78.6% Fibonacci retracement level of 67.97-86.92. If it falls below this range, it may pave the way for a decline towards the 2024 low of 69.55. Further decline may stop at the bottom of 67.97 in December 2023.
On the other hand, bullish behavior may push prices towards the Fibonacci retracement level of 75.21 at 61.8%. If the area is crossed, the price may move towards the 50.0% Fibonacci retracement level of 77.44, which is consistent with the 200 day moving average. If the price continues to rise, the 38.2% Fibonacci retracement level of 79.68 may prevent further upward attempts in the price.
Overall, WTI crude oil futures have been in a downward trend over the past few trading days, falling to a seven month low. However, the failure to continue the recent decline in prices may lead to the formation of a double bottom, which is a signal of a reversal pattern.
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