- Will WTI crude oil hit 67.00 key level?
- MACD and stochastics indicate further losses
WTI crude oil futures dived below the long-term descending trend line again, meeting the 68.70 support level. The price lost more than 14% after it peaked at 80.59 on January 15, with the technical oscillators confirming steeper decreases. The MACD oscillator is extending its negative structure below its trigger and zero lines, while the stochastics are pointing south in the oversold territory.
More downside pressure could take the commodity towards the significant support of the region of 67.00, which has remained unbroken since 2021. A drop below that would reinforce the negative movement until the 17-month low of 65.70.
On the flip side, a rise above the diagonal line could send investors toward the 20- and 50-day simple moving averages (SMAs) at 71.60 and 73.10. Even higher, the 200-day SMA, which stands near the 73.95 barrier, could boost optimism for potential gains in the market.
Summarizing, oil prices are looking negative in the short- and long-term timeframes, and this scenario would be confirmed if the commodity slips underneath the critical level of 67.00.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.