WTI Futures Slip After Testing 69.00; Bearish Correction On Cards

WTI crude oil futures are struggling to gain positive momentum after their fast rebound stalled around 69.00 and within the Ichimoku cloud.

The downside reversal in the RSI and the slowdown in the MACD justify the diminishing buying pressure, though both remain well below their neutral thresholds keeping the short-term risk skewed to the downside. Should selling forces strengthen, the 64.90 support level will come under the spotlight. The 60.66 barrier and the 200-day simple moving average currently at 59.85 could initially provide support to keep the bias on the positive side. Moving lower, the 57.20 line could next add some footing ahead of the 51.40 obstacle, putting the longer-term bullish outlook under examination. Should selling forces strengthen, the 64.90 support level will come under the spotlight. The 60.66 barier and the 200-day simple moving average currently at 59.85 could initially turn support to keep the bias on the positive side. Moving lower, the 57.20 line could next add some footing ahead of the 51.40 obstacle, putting the longer-term bullish outlook under examination. Alternatively, a close above the 20- and 40-day SMAs will brighten the broader view, pushing the price towards the 74.20 resistance. Beyond that, the rally may gear up to the almost three-year high of 76.20 and the 76.87 barrier, registered in September 2018. In brief, oil prices are facing a weaking bullish bias, where a drop below the 200-day SMA is expected to enhance selling interest.

WTI

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