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WTI Price Analysis: During a Wyckoff markdown phase, $73.00 is anticipated for WTI

Alina Haynes

Feb 03, 2023 15:24

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have refreshed their daily low at $75.80 in the early European session. The oil price is under pressure as western central banks have increased their interest rates in an effort to curb inflation. The asset is anticipated to test the Thursday low near $75.30.

 

After peaking at 101.55, the US Dollar Index (DXY) is displaying a mediocre performance and is awaiting the release of United States Nonfarm Payrolls (NFP) data for fresh impetus.

 

On a four-hour scale, the price of oil declined following a breakdown in Inventory Distribution. The distribution of inventory within a narrow band of $79.50-$82.67 shows a movement of inventory from institutional investors to retail participants. The asset is in Wyckoff's markdown phase after an inventory distribution breakdown and a flashback move to roughly $80.00.

 

At $78.65, the 50-period Exponential Moving Average (EMA) has behaved as a significant barrier for the oil price. The Relative Strength Index (14) oscillates within a negative band of 20.00-40.00, signaling further weakening.

 

After a steep loss, a pullback to near the 10-period EMA around $76.65 will be an ideal selling opportunity that will push the asset toward the bottom of February 2 at $75.15, followed by the horizontal support put at the low of January 5 at $70.00.

 

Alternativamente, a rebound move above the high of February 1 at $79.87 will propel the asset toward the low of January 23 at $81.19. A violation of this level would expose the asset to further gains reaching the January 18 high of $82.67.


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