WTI oil futures slide on OPEC supply outlook
WTI crude oil futures were rejected near the 64.00 psychological level on Wednesday and moved lower, as reports of a significant upcoming output hike by OPEC outweighed concerns about a potential Israeli strike on Iranian nuclear facilities.
From a technical standpoint, the short-term bias is leading bearish. The RSI is retreating below its neutral 50 mark, and the stochastic oscillator is falling but still positioned well above the 20 oversold threshold. This suggests that selling pressure could persist, especially if the 20-day simple moving average (SMA), currently near 60.50, fails to hold. A breakdown at that level could extend the decline toward the 57.50 support area.
Further losses could target the critical double bottom 53.94–55.00 zone, where the 61.8% Fibonacci retracement of the 2020–2022 uptrend coincides with the long-term descending trendline from 2023.
Conversely, if the price manages to break decisively above the 64.00–64.93 resistance band, the next obstacle could emerge around the tentative resistance trendline at 67.00. The 200-day SMA may also act as a barrier ahead of the 69.92 level.
In summary, downside risks remain prominent in the WTI crude oil market, despite the ongoing broad consolidation phase. A drop below 60.50 could play the next bearish episode.
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