WTI stays compelled round weekly low as marketers assault neck-line of head-and-shoulder bearish formation.
Bearish MACD additionally favors dealers however 100-SMA provides to the draw back filters.
WTI stays on the again foot round $67.70 as merchants struggle with the key guide in the course of early Friday.
The black gold dropped the most in three weeks the preceding day and helped painting a head-and-shoulder bearish chart sample on the four-hour (4H) play.
Given the bearish MACD and downbeat fundamentals, WTI is possibly to damage the instantaneous $67.65 support, the identical theoretically confirms a fall closer to August 19 swing excessive round $64.00.
However, the 100-SMA degree of $67.45 acts as a validation factor for the anticipated draw back under $67.65.
Meanwhile, the corrective pullback may additionally goal for $68.00 and $68.80 earlier than concentrated on the late August excessive close to $69.50 and the trendy height close to $69.70.
In a case the place the oil consumers control to pass $69.70, the bearish chart pattern receives negated and the WTI bulls can retake controls to intention for the $70.00 and above.