- WTI fades the drop to sub-$39.30 levels for the third consecutive day.
- The repeated bear failure may entice buyers and yield a bounce.
- However, Sept. 18 high remains a level to beat for the bulls.
West Texas Intermediate (WTI), the North American oil benchmark, is trading largely unchanged on the day near $39.50 at press time, having hit a low of $39.12 an hour ago.
The black gold has found dip demand below $39.30 for the third straight day. While prices fell by 4% on Sept. 21, the sellers could not establish a foothold below $39.00.
The repeated bear failure near $39.00 could invite buying pressure, although the technical outlook would turn bullish only after prices rise above the lower high of $41.72 created on Sept. 18.
Alternatively, a close below $39.00 would shift the focus back to the bearish Doji reversal pattern confirmed by Monday's 4.3% decline and open the doors for a re-test of the Sept. 8 low of $36.13.
Daily chart
Trend: Neutral
Technical levels
إعادة نشر من FXStreet، جميع الحقوق محفوظة للمؤلف الأصلي.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن