WTI Technical Analysis: Under pressure, hourly chart favors re-test of Thursday's low
- WTI is operating on slippery grounds, according to the hourly chart.
- A re-test of Thursday's low of $58.69 could be in the offing.
West Texas Intermediate (WTI) oil is currently trading at $59.40 per barrel, representing a 0.25% gain on the day.
The hourly chart relative strength index (RSI) is reporting a rising wedge breakdown, a bearish continuation pattern.
Further, the bounce from Thursday's low of $58.69 seems to have run out of steam, as suggested by the multiple Doji candles created on the hourly chart in the overnight trade.
Hence, a re-test of $58.69 cannot be ruled out.
The bearish case would weaken if prices rise above $60.48, invalidating the lower highs setup on the hourly chart. However, the subsequent move higher could be capped by the descending or bearish 5-day average, currently located at $60.95.