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WTI Price Analysis: 200-SMA pushes sellers towards $73.00

WWM | 2022-03-11 18:22

Abstract：Based on the recent analysis, below are what to day about WTI Price

Based on the recent analysis, below are what to day about WTI Price

WTI remains pressured around monthly high, prints biggest daily loss in a week.
Overbought RSI, failures to cross 200-SMA favor sellers.
50% Fibonacci retracement level, previous resistance line challenge bears.

WTI crude oil prices stay below 200-SMA, down 0.50% intraday around $73.30 during Mondays Asian session. In doing so, the black gold teases 50% Fibonacci retracement (Fibo.) of November 09 to December 10 declines.

Given the receding bullish bias of MACD and overbought RSI, not to forget the quotes failures to cross the 200-SMA, oil prices are likely to remain pressured towards the $73.00 threshold, also comprising the stated Fibo. level.

It should be noted, however, that the 38.2% Fibonacci retracement and the previous resistance line from early November, respectively around $70.50 and $69.70, will challenge the WTI bears afterward.

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