WTI oil futures get rejected at 200-day SMA
WTI oil futures (March delivery) had been staging a comeback after their decline below the 50-day simple moving average (SMA) came to an end in early February. However, the bulls failed to conquer the 200-day SMA, which led to the price reversing back lower on Wednesday.
Should bearish pressures persist, oil futures could challenge 75.97, which is the 61.8% Fibonacci retracement of the 64.20-95.02 upleg. Lower, the November bottom of 72.40 could act as the next line of defence. A violation of that zone could set the stage for the 78.6% Fibo of 70.80 ahead of the 66.95-68.00 support range defined by June lows and the recent six-month bottom.
On the flipside, if buyers re-emerge and propel oil above the 200-day SMA, immediate resistance could be found at the 50.0% Fibo of 79.61. Further upside attempts could then stall around the 38.2% Fibo of 83.25. Surpassing that zone, the price could ascend to face the 23.6% Fibo of 87.75.
In brief, WTI oil futures lost some ground after getting rejected a tad below their January high, generating a bearish double-top pattern. For the bulls to regain confidence, the price needs to close above the 200-day SMA.
EBC Markets Briefing | "Blue Wave" poised to sweep across stock markets
Stocks sink amid AI wipeout, dollar shines ahead of NFP
US Payrolls in Focus as Wall Street Rout and Falling Yields Cap the Dollar | 6th November, 2026
Week Ahead – Inflation and geopolitics in focus as US political landscape shifts
The dollar saves the day
Tech Stocks Lead US Selloff Ahead of Payrolls
Technical Analysis – USDJPY stays rangebound, pinned at support near 158.00
