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WTI Price Analysis: Divergence in Action, More Downside Below $92

Alina Haynes

Aug 26, 2022 15:04

 截屏2022-06-07 下午5.19.11.png

 

West Texas Intermediate (WTI) futures on NYMEX posted a three-day low of $92.16 in the Asian session. The asset has risen since Friday's opening bell, but bearish pressure remains strong after a juggernaut rally.

 

The recent rally has peaked, and a correction is underway. On an hourly basis, the asset made higher highs with a fall in purchasing interest, although RSI (14) formed lower highs. This reduces upside momentum since investors view the asset as costly.

 

A bear cross at $93.73 between the 20- and 50-period EMAs suggests a sharp correction.

 

Should the asset drop below $92.00, bears will strengthen and take it to August 22's high of $90.98, then August 17's high of $88.65.

 

If the asset surpasses $95.10, bulls could regain control. A repeat will push the asset to July 26's high of $98.4 and psychological resistance at $100.00.

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