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Abstract:WTI crude oil prices remain pressured around $89.00 during Thursdays Asian session, following a clear downside break of a two-week-old bullish channel formation the previous day.
WTI struggles to extend two-day downtrend, grinds lower around weekly bottom.
Downside break of fortnight-long rising channel joins bearish MACD signals to keep sellers hopeful.
100-SMA, 200-SMA tests short-term downside, recovery moves have a bumpy road to the north.
In addition to the stated channel break, bearish MACD signals and fundamentals also hint at the quotes extended pullback from a multi-day high.
However, the 100-SMA level near $88.80 seems to challenge the black golds latest fall, a break of which will direct the commodity prices towards the $85.80-75 support zone before directing WTI bears to the 200-SMA level of $85.15.
Its worth noting that the $85.00 threshold will act as an extra filter to the south before recalling the oil bears targeting the late January lows near $82.85.
Alternatively, an upward sloping trend line from January 03, close to $90.20, challenges the energy benchmark‘s recovery moves, in addition to the stated channel’s lower line surrounding $89.40.
Even if the WTI bulls manage to cross the $90.20 hurdle, $91.80, $93.00 and the recent peak of $94.00 will challenge the further upside ahead of the upper line of the channel, around $94.65 by the press time.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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