WTI Crude Oil Fails Key Technical Levels, Buyers Defend Rising MA
WTI crude oil prices have fallen below key technical levels, but buyers successfully defended the rising 200-hour moving average and nearby trendline support. The price corrected lower from a high of $106.00 reached on Tuesday to a low of $99.10.
The 100-hour moving average at $102.54 has turned back into resistance, limiting the rebound and keeping the shorter-term bias tilted lower. Buyers need to reclaim this level to shift the short-term bias back in their favor and increase focus on the recent high at $105.21-$106.00.
Sellers have pushed the price below the 100-hour moving average but have not broken the broader bullish structure. To take more control, sellers need a confirmed break below the recent low at $99.10, the rising 200-hour moving average at $99.08, and nearby trendline support.