WTI Futures Plunge For The Sixth Straight Day

WTI crude oil futures plunged to a new three-month trough of 62.66 earlier today, creating the sixth straight bearish day. The MACD oscillator is falling further below its trigger and zero lines, while the RSI is touching the oversold territory. In trend indicators, the 20- and 40-day simple moving averages (SMAs), as well as the Ichimoku lines, are sloping downwards.


Immediate support could come from the 60.66 barrier, which overlaps with the 200-day SMA. More decreases could open the way for a longer-term bearish tendency, hitting the 57.20 and the 51.40 supports.


On the other hand, a jump above 64.90 could open the way for the lower surface of the Ichimoku cloud around 68.89 and the 40-day SMA at 70.70. More upside pressure could meet the 74.20 resistance and the almost three-year high of 76.20 before adding to optimism for a broader bullish outlook, challenging 76.87.


To sum up, WTI futures have been underselling interest over the last month and any moves below the 200-day SMA could open the way for a longer-term negative move.


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