- WTI Stay low after breaking through the 50-day moving average support
- Stable RSI makes the bears full of hope for testing the short-term key support trend line
- Longs need to verify from the three-month resistance line to regain confidence
WTI Crude oil price fell to 85.55 during the Asian session on Tuesday, forming a three-day downward trend. In this way, black gold proves the rationality of falling below the 50-day moving average the day before.
That is, the stable RSI (14) adds the bearish force of , indicating that the offer has fallen further to the upward tilting support line starting September 26, about $84.40.
cannot rule out its chances of falling to its lows on October 18 and September 8 (about $81.30 and $80.95, respectively) when the energy benchmark breaks through the key support level of $84.40.
However, the item struggles to fall below $80.95 as the $79.30 level may challenge sellers and then direct them to the bottom of September around $78.00.
Or, the 50-day moving average resistance around $86.00 limits the immediate rebound of WTI crude before the previous week’s high of $89.30.
After that, the downward tilt line starting in late July, the approximately $89.90 and $90.00 thresholds could challenge commodity buyers.
If the offer can stay firm above $90.00, it may rush to its previous monthly peak of $92.63.
WTI: Daily chart
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