OctaFX | OctaFX Forex Broker
Open trading account
Back

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.

Hourly chart

Trend: Bearish

Technical levels

 

China’s expert: A US-China phase two trade deal after November is too far away – Global Times

Gao Lingyun, as an expert close to the Chinese government, was quoted by Global Times on Friday, expressing his take on the likelihood of the US-China
Read more Previous

BI Survey: Indonesia's Retail Sales rise 1.3% YoY in Nov, Rupiah at 21-month highs

Indonesia's Retail Sales grew by 1.3% on the year in November vs. a 3.6% jump seen in October, the latest survey conducted by Bank Indonesia (BI), the
Read more Next
Start livechat