West Texas Intermediate (WTI) rejects the topside $104.14-45

May 12, 2022 - 2 weeks ago
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Since the rebound, West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices, has rejected the 104.15-45 area.

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 weak negative signal.

Wednesday’s topside rejection may now see a bearish return and look back to the key support level at the $97.40-80 area. Reassess from there.

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