WTI Crude Oil Prices Tumble Below Key Moving Average

The price of WTI crude oil has been falling on Tuesday, breaking below its 50-day exponential moving average (EMA). This comes after a recent period of consolidation between $70 and $85, which has been holding since March. According to the source, this decline is partly due to the decrease in fear premium, as there have been no recent headlines involving missiles.

The market's hesitation is also evident from its chart pattern, with the 200-day EMA at $79.48 potentially serving as a level of support. However, traders may view the situation as range-bound, given the lack of progress in talks between the US and Iran.

Despite this, the overall outlook for WTI crude oil is negative, as indicated by the recent candlestick pattern. As one trader noted, 'range-bound could be one way that traders start to look at this market.'