Bid slightly above $ 18.00 in the weekly bear channel

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  • WTI remains under pressure, despite a positive start, within the bearish technical pattern.
  • 200-HMA adds to the upside barrier, the 2001 low on the bear radar.

While a sidelined opening keeps the WTI on the positive side, up 0.90% overnight, reaching $ 18.30, the energy benchmark recently experienced downward pressure at the start of Monday’s Asian session.

As a result, sellers are again watching Friday’s low, near $ 17.30, to return to charts before the 2001 lows of around $ 16.70.

Should it continue to fall beyond $ 16.70, the week-long chain’s support line of nearly $ 16.00 could provide respite for the bears.

Alternatively, the resistance line for the aforementioned channel, near $ 19.10, caps the immediate rise before the 200-HMA figures of $ 22.85.

However, a sustained break above $ 22.85 allows the bulls to question the monthly high of around $ 28.90.

WTI Hourly Chart

Trend: bearish

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