HomeContributorsTechnical AnalysisWTI Crude Oil Slips: Is The Market Headed for Further Losses?

WTI Crude Oil Slips: Is The Market Headed for Further Losses?

Key Highlights

  • WTI Crude Oil price started a fresh decline from the $73.00 resistance zone.
  • It traded below a key bullish trend line with support at $71.80 on the 4-hour chart.
  • EUR/USD could gain bearish momentum below the 1.0580 support.
  • Gold prices might struggle to recover and could continue lower.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil price failed to extend gains above $73.80 and $74.00. It started a fresh decline and traded below the key support at $72.00.

Looking at the 4-hour chart of XTI/USD, the price traded below a key bullish trend line with support at $71.80. There was a clear move below the 50% Fib retracement level of the upward move from the $67.08 swing low to the $73.04 high.

The price even settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the downside, the first major support sits near the $67.00 zone.

A daily close below $67.00 could open the doors for a larger decline. The next major support is $65.50. Any more losses might send oil prices toward $62.00 in the coming days.

On the upside, it faces resistance near the $69.00 level. The next major resistance is near the $70.00 zone and the 100 simple moving average (red, 4-hour). The main hurdle is still near the $73.00 zone, above which the price may perhaps accelerate higher.

In the stated case, it could even visit the $75.00 resistance. Any more gains might call for a test of the $76.50 resistance zone in the near term.

Looking at EUR/USD, the pair is consolidating losses, and the bears seem to be aiming for more downsides toward 1.0520.

Economic Releases to Watch Today

  • US Initial Jobless Claims – Forecast 223K, versus 221K previous.
  • US Producer Price Index for Oct 2024 (YoY) – Forecast +2.3%, versus +1.8% previous.
Titan FX
Titan FXhttp://titanfx.com
Titan FX is a technology driven online ECN forex and commodities broker that provides traders with next generation trading conditions, institutional grade spreads, fast trade execution, deep top tier liquidity and the security of financial registration and oversight.

Featured Analysis

Learn Forex Trading