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WTI crude slips after failing to clear $94, eyes lower support
WTI has broken below $80 and key 4-hour moving averages, with downside levels flagged near $74.5, $72.8, and $70.
WTI crude oil failed to break above $94.00 against the US dollar and has shifted into a fresh decline, with price action moving below the $85.00 support zone, Action Forex said.
On the 4-hour XTI/USD chart, the report points to bearish momentum building below $82.00, including moves under the 100 simple moving average and later below $80.00 under the 200 simple moving average.
If selling pressure continues, the first major support is flagged near $74.50, followed by $72.80 and $70.00. A close below $70.00 could extend weakness toward $68.00, with a further door opening to a move below $66.20.
On the upside, resistance is listed at $78.10, then $80.50, tied to a bearish trend line. The report also says that gold would need to settle above $4,200 to keep rising, and that EUR/USD could turn higher if it clears 1.1560.
Latest closeGold $4,432.00 ▲1.6%|WTI crude $82.40 ▲1.4%|EUR/USD 1.157 ▲0.4%