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03.11.2021 09:38

WTI Price Analysis: Sellers attack monthly support line around $82.00

  • WTI extends previous day’s losses, stays near intraday low.
  • 100-SMA adds to the downside filters targeting 200-SMA.
  • Steady RSI suggests further grinding ahead of weekly inventory data, Fed.

WTI crude oil remains on the back foot around $81.90, down 0.42% intraday during early Wednesday.

The black gold snapped a three-day uptrend while reversing before the weekly resistance line the previous day. However, the quote’s latest declines battle 100-SMA and an ascending support line from early October to keep bears hopeful.

Given the steady RSI line, the commodity prices are likely to grind near the stated technical supports, namely 100-SMA level of $82.00 and the monthly trend line support near $81.50.

Should the oil prices drop below $81.50, the last weeks’ swing low near the $80.00 threshold will act as an intermediate halt during the fall towards the 200-SMA level of $78.54.

Meanwhile, corrective pullback remains less interesting until staying below the stated resistance line, close to $83.70 by the press time.

Following that, a run-up to the recent multi-month high of around $85.40 can’t be ruled out.

To sum up, oil bears are bracing for entry but awaits weekly official inventory data from the US Energy Information Administration (EIA), as well as the US Federal Reserve (Fed) meeting conclusion.

WTI: Four-hour chart

Trend: Further weakness expected

 


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