WTI futures have been vulnerable in the past few trading sessions. Crude oil has witnessed a steep fall after recording a multi-year high at $126.51. For the first time in 2022, the asset has closed below the 50-period Exponential Moving Average (EMA), trading at $98.36.
On the daily scale, crude oil was hovering around 50% Fibonacci retracement (placed from 2 December 2021 low at 62.34 to March 8 high at $126.51) at $94.55. It is worth noting that the asset has violated the trendline placed from 20 December 2021 low at $66.10. Oil prices have comfortably established below the 20-EMA, which is trading near $102.00.
The Relative Strength Index (RSI) (14) has shifted into a 40.00-60.00 range from the bullish range of 60.00-80.00, which signals a consolidation ahead.
If WTI prices encounter a mean reversion to the trendline placed from 20 December 2021, the psychological figure of $100.00, bears will drag the asset towards the 50% Fibo retracement at $94.55, followed by 61.8% Fibo retracement at $86.91.
On the flip side, bulls may regain strength if the asset oversteps Tuesday\u2019s high at $104.60, which will send the asset towards the round level resistance at $110.00. Surpassing the latter will drive the oil prices towards the March 24 high at $115.87.<\/p>\n","protected":false},"excerpt":{"rendered":"
WTI futures have been vulnerable in the past few trading sessions. Crude oil has witnessed a steep fall after recording a multi-year high at $126.51. For the first time in 2022, the asset has closed below the 50-period Exponential Moving Average (EMA), trading at $98.36.On the daily scale, crude oil was hovering around 50% Fibonacci …<\/p>\n","protected":false},"author":13,"featured_media":61146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8159,6909],"class_list":["post-63406","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude-oil-prices","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/63406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=63406"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/63406\/revisions"}],"predecessor-version":[{"id":63411,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/63406\/revisions\/63411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61146"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=63406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=63406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=63406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}