Bears once again weigh in on West Texas Intermediate (WTI)

June 22, 2022 - 2 weeks ago
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West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices, quickly erased Tuesday’s gains and extended its losses in the Asian session as the market slid into the $104.00 region early Wednesday.

Meanwhile, the weekly U.S. petroleum inventory data will be delayed by a day this week due to the Juneteenth holiday on Monday, with the American Petroleum Institute industry data for the week ending June 17 due on Wednesday and U.S. Energy Information Administration data on Thursday.

Based on the technical assessment, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator is negative, while the Moving Average Convergence Divergence (MACD) oscillator supports a negative signal. The ADX indicator holds a ranging market (no trend).

With the call to $104.00-30, market participants will likely be monitoring if profit-taking emerges from this region.

Therefore, my assessment is neutral from US$104.00-30 in the short term.

Viewing the topside, the resistance is seen from the $109.00-80 area.

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