WTI Crude Oil Finds Resistance At Downtrend Line, Meeting 50-Day SMA
CL
-4.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
WTI crude oil futures found strong resistance near the medium-term descending trend line at 93.70, sliding towards the 50-day simple moving average (SMA) in the aftermath.
The MACD oscillator is still standing above its trigger and zero lines; however, the stochastic is diving towards the oversold territory, suggesting more losses in the market.
Should prices decline further, immediate support could be found around the 20-day SMA at 84.40. Then, a leg below that level could meet the eight-month trough of 76.25, before the focus shifts to 65.90, registered in December 2021.
However, if the market manages to regain positive momentum, the strong obstacle of 93.70, which coincides with the downtrend line, could offer nearby resistance ahead of the 200-day SMA at 97.14 and the 97.82 barrier. A significant close above the latter could raise chances for more increases.
In the medium-term, the outlook remains negative since the price holds below the downtrend line and the 200-day SMA. Only a close above those boundaries will switch the outlook to positive. 
WTI
