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10 Sep 2020

WTI Price Analysis: Hourly RSI shows corrective bounce has ended

  • WTI trades near $37.80 versus $38.45 during the overnight trade. 
  • The hourly chart shows an end of corrective bounce from $37.00. 

West Texas Intermediate (WTI) crude is currently trading near $37.80, representing a 0.7% decline on the day. 

The hourly chart relative strength index has dived out of an ascending trendline, indicating an end of the black gold's bounce from weekly lows near $37.00. 

The daily chart studies remain biased in favor of the bears. For instance, the 5- and 10-day simple moving averages continue to trend south, while the 14-day RSI hovers in bearish territory below 50. 

As such, a re-test of $37.00 looks likely. Supporting the bearish case is the fact that major trading firms are again booking offshore oil storage tanks, a sign of weakening of demand. 

A close above the descending 10-day SMA, currently at $40.66, is needed to invalidate the bearish outlook. 

Hourly chart

Trend: Bearish

Technical levels

 

Sep 10, 2020

USD/INR Price News: Indian rupee buyers await confirmation of bearish flag

USD/INR prints 0.23% intraday gains, at 73.47 now, while traders from India brush their screens for Thursday’s move. Even so, a bearish flag formation
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Sep 10, 2020

GBP/USD: Will chatters over Brexit Internal Market Bill supersede ECB?

GBP/USD attempts recovery from intraday low of 1.2976 to 1.2997 while heading into Thursday’s London open. The cable bounced off the lowest since late
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