- Spot WTI has moved back to flat for the day after the latest API data.
- The weekly figure produced a build of 1.749M vs analyst expectations of 0.300M.
Spot WTI 1-hour chart
There was not too much of an initial reaction when the subscribed users caught wind of the data but then as the news spread the bears crept in. The trendline on the hourly chart has now been broken to the downside and the price is headed toward the psychological USD 40.00 per barrel mark.
The 55 Exponential Moving Average has also been broken and as you can see from recent price action it has been used as a support level. The next potential support lies at the orange line near USD 39.50 per barrel.
The Relative Strength Index had thrown out some warning signs with a bearish divergence forming. The MACD indicator histogram has now moved below the mid-point and it seems the signal lines are not too far behind.
On the higher timeframe, the trend is firmly in the upward trajectory but if the price closes lower on Tuesday it could be a bearish signal.
-637285430513197826.png)
Additional levels
Share
