- WTI remains on the back foot below 10-day SMA, two-month-old resistance line.
- Bearish MACD, failures to bounce keep the sellers hopeful.
WTI stays weak around $46.00, down -0.05%, during the Asian session on Friday. In doing so, the energy benchmark declines for the fourth consecutive day below 10-day SMA amid bearish MACD.
As a result, sellers keep targeting the yearly bottom around $43.60 during the further downside. Though, the week-start opening and Friday’s close near $45.30 can offer immediate support.
Alternatively, 10-day SMA near $47.60 acts as the nearby resistance ahead of a downward sloping trend line since January 08, surrounding $50.90.
Given the black gold’s ability to cross $50.90, also remain strong beyond $51.00, the previous month’s high near $54.70, will be on the buyers’ radar.
WTI daily chart
Trend: Bearish
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