WTI Oil outlook: Price falls further on Oil Crude stocks rise
WTI Oil
WTI oil price fell to the lowest level in nearly one month after unexpected rise in US crude stocks further weakened the sentiment.
Although fresh dip is facing headwinds, it may signal a continuation of a downtrend from $79.35 (Jan 15 peak) as technical studies show strengthening negative momentum, converging 10/200DMA’s are about to for a death cross and next week’s daily cloud twist could also attract bears.
Broken 50% retracement level at $73.16 reverted to solid resistance which should ideally cap and keep bears in play for attack at $71.71 (Fibo 61.8% of $66.98/$79.35 rally) and $71.54/18 (parallel-moving55/100DMA’s).
Broken 200DMA ($74.52) marks an upper trigger, violation of which to likely sideline bears.
Near-term action may hold in a slower mode these days as markets await decision of Trump’s administration regarding tariffs on imports from Canada and Mexico, two biggest US oil suppliers.
Res: 73.16; 73.63; 74.29; 74.52.
Sup: 72.01; 71.71; 71.18; 70.00.
Interested in WTI technicals? Check out the key levels
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