WTI technical outlook
WTI caught a clean bearish rejection from the $80.00 handle on Wednesday, tumbling back into $78.50 after rallying three and a quarter percent from the day’s low near $77.50. US Crude Oil still remains in the green for the day, up around a full percent from the day’s opening prices near $77.72, but near-term momentum rests in the hands of the sellers with an intraday technical floor at the 200-hour Simple Moving Average (SMA) near $78.00.
Daily candlesticks continue to get hung up on the 200-day SMA at $77.85, and $80.00 per barrel is firming up into a signficant resistance zone
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