Tickets are selling for the West Texas Intermediate (WTI) roller coaster as it takes another plunge

July 7, 2022 - 1 month ago

The twists, turns, ups and downs of the runaway West Texas Intermediate (WTI) roller coaster continue after displaying another fall for the third consecutive session on Thursday, as the market price stabs at $93.00 a barrel lows.

The declines follow a significant fall on Tuesday despite tight global supplies.

(WTI) slid -8% Tuesday, recording its third-biggest fall since early 1988. Meanwhile, investors await the U.S. government data due on Thursday that will update the state of domestic oil and fuel inventories.

According to market sources, industry data on Wednesday showed that U.S. crude inventories rose by about 3.8 million barrels last week.

Based on the technical assessment, the Relative Strength Index (RSI) indicator, 3-daily and weekly ‘lookback’ is negative and oversold, while the Moving Average Convergence Divergence (MACD) holds a bearish signal. The ADX indicator supports a bearish bias in the daily timeframe.

In light of the recent plunge and crushing the area of $95.00-60, the runaway roller coaster is expected to continue and reach the region of $92.20-40.

However, whether this is a tradeable call is uncertain due to the high volatility.

Viewing the topside, little resistance is seen (as it holds at some distance) at $99.55-80 to $101.00-20.