OctaFX | OctaFX Forex Broker
Open trading account

WTI Price Analysis: Five-day losing streak has brought trendline support in play

  • WTI oil's daily chart is reporting the longest losing streak in three months. 
  • Prices are defending key ascending trendline support in Asia and may chart a minor bounce. 

WTI oil fell for the fifth straight day on Monday, confirming the longest daily losing streak since early October. 

The sell-off has brought the support of the trendline connecting Oct. 10 and Nov .29 lows in play. 

At press time, the black gold is trading at $58.26 per barrel, representing marginal gains on the day, having found takers near the ascending trendline at $57.97 in early Asia. 

The bounce could be extended further to $58.70, as the 4-hour chart relative strength index is reporting (RSI) oversold conditions and the hourly chart RSI has bounced from the sub-30 region, signaling scope for a corrective move higher. 

However, if the trendline support is breached, another wave of selling could be seen and the psychological level of $57.00 could be tested. 

Daily chart

Trend: Corrective bounce likely

Technical levels


China Customs Vice Minister Zou: China's trade growth will remain steady in 2020

Following the Chinese Trade Balance data (CNY terms) released last minutes, China Customs Vice Minister Zou said that China's trade growth will remain
Read more Previous

Reserve Bank of India to remain on-hold amid stagflation – Nomura

Analysts at Nomura offer their expectations from the Reserve Bank of India (RBI) in the coming months, in light of India’s rising inflation and econom
Read more Next
Start livechat