Home WTI Price Analysis: Breaks weekly support line to attack $41.00
FXStreet News

WTI Price Analysis: Breaks weekly support line to attack $41.00

  • WTI remains pressure following its U-turn from $41.65.
  • Tuesday’s low may offer intermediate halt ahead of eight-day-old rising trend line.
  • Bulls will have to cross multiple barriers before challenging February’s low.

WTI drops to $41.30, down 0.28% on a day, before the European traders ring the bell for Thursday’s session. The energy benchmark slips below an ascending trend line from Monday to convince sellers while targeting $41.00.

Additionally, Tuesday’s low near $40.90 and an upward sloping support line from July 20, currently around $40.80, will offer extra challenges to the sellers before diverting them to the $40.00 threshold.

During the quote’s weakness past-$40.00, the monthly low around $38.73 will be in the spotlight.

Alternatively, a one-week-old resistance line, at $41.67 now, could restrict the black gold’s immediate upside ahead of the weekly top near $42.00.

Should there be a further rise beyond $42.00, $42.40 and the recent high, also the highest since early-March, close to $42.55, will be holding the gates for the entry of February month’s low around $44.00.

WTI hourly chart

Trend: Further weakness expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.