WTI Price Analysis: Under pressure, but defending trendline support

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  • WTI oil is holding on to key rising support at $51.80. 
  • A break lower could cause more sellers to join the market. 

The West Texas Intermediate (WTI) oil is facing selling pressure amid risk-off mood in the financial markets. 

So far, however, the black gold has managed to hold on to support of the trendline rising from Feb. 10 and Feb. 18 lows. 

That 4-hour chart trendline support is currently located at $51.80 and the benchmark is changing hands at $52.05 per barrel. 

Acceptance under the trendline support would mean the corrective rally from recent lows near $49.40 has ended at the Feb. 20 high of $54.45 and would shift risk in favor of a drop to $50.00. 

Alternatively, a move above $53.56 is needed to invalidate the lower high setup on the 4-hour chart and open the doors for the re-test of the recent high of $545.45

4-hour chart

Trend: Neutral

Technical levels

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