WTI oil futures (December delivery) pulled aggressively below the tough barricade of 84.50, unable to correct the breakout below the ascending trendline, which has switched roles from support to resistance for the price.
The technical picture reflects a neutral-to-bearish short-term bias as the RSI is still floating marginally above 50 following its latest downfall, whereas the MACD keeps stretching downwards below its red signal line.
Should the bears gear up, the price could initially test the 79.83 – 79.00 region formed by the 23.6% Fibonacci of the 61.27 – 85.39 upleg and the limits emerged in early October and November. The 50-day simple moving average (SMA) at 77.33 may attempt to add some footing with the help of the 38.2% Fibonacci of 76.39 if the sell-off picks up steam, while lower, another notable decline is expected to take place, likely driving the price towards the 50% Fibonacci of 73.72.
On the upside, a close above the 20-day SMA at 82.60 is required to access the 84.50 territory. A victorious win here would bring the 90.00 level next on the radar.
In brief, even though the upward trajectory in WTI oil futures remains on track, the price performance in the coming sessions could be depressing.
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WTI Oil Futures Trade On Weak Bias After Strong Rejection
ByXM Group
AuthorTrading Point
Published 11/11/2021, 10:44 AM
Updated 05/01/2024, 03:15 AM
WTI Oil Futures Trade On Weak Bias After Strong Rejection
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