Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

WTI Crude Oil Slips, Eyes 10-Month Lows

Published 11/24/2022, 04:38 AM
Updated 02/07/2024, 09:30 AM
WTI crude oil futures are heading south with the next major support coming from the ten-month low of 75.28.

The 20- and 50-day simple moving averages (SMAs) are ready for a bearish crossover, indicating more losses, while the price is still developing well below the downtrend line.

The descending move in the RSI and the slowdown in the stochastic justify the selling pressure, as both remain near their negative thresholds, keeping the short-term risk skewed to the downside. The MACD is also comfortably within the negative territory and below its red signal line, losing some further steam.

Should selling forces strengthen, the ten-month trough of 75.28 will come under the spotlight. The 200-weekly SMA could also turn as support near the 65.87 barrier, while moving lower the long-term picture could be strongly bearish, testing the 57.25 mark, registered in April 2021.

Alternatively, a close above the 81.25 resistance will take the market towards the short-term SMAs near 84.80 ahead of the downtrend line at 87.10. Beyond that, the rally may gear up to 92.30, brightening the outlook.
In brief, oil prices are facing a strongly bearish picture, where a drop below the ten-month bottom is expected to enhance selling interest. 

WTI

Latest comments

I agree and have been shorting oilthe last week on every covid headline as it has the most potential to shut down consumption in just days.That's the main trading headline for now.I agree with shorting the S.P. also bur an waiting for chart algorithms to hit near 4140 and I'm shorting unless other news stops me.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.