WTI Price Analysis: Bulls challenge 20-day SMA near $68.00

• WTI edges down in the middle of the week in the  Asian trading hour.
• Bulls remain hopeful above $67.50 following the previous two session’s solid gains.
• Momentum oscillator holds onto oversold zone warns of aggressive bets.

WTI prices edge lower on Wednesday following the previous two session’s upside momentum on a corrective pullback.

At the time of writing, WTI is trading at $67.40, down 0.21% for the day.

WTI daily chart

On the daily chart,  WTI has been under intense pressure since the beginning of the descending trend channel from the high of $76.40 made on July 6.

Prices took shelter at the double bottom formation near the $61.80 levels and moved retraced back to highs of $67.50 in a matter of two days.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any uptick in the MACD could aid the upward movement above the 20-day Simple Moving Average (SMA) at $67. 81 to the $68.50 horizontal resistance level.

Next, bulls would aim towards the high of August 12 at $69.42 followed by the %70.37 horizontal resistance level. 

Alternatively, if prices move lower, it could retrace back to the low of $65.53 made on August 16.

Next, the bears would attempt to meet the $66.40 horizontal support level.

A daily close below the mentioned level would further encourage WTI bears to testify the previous day’s low at $65.34.

The marker participants would next march toward the $63.80 horizontal support level.

WTI additional levels