WTI technical outlook
WTI is testing into the low side on Tuesday after failing to capture $78.50 and facing technical rejections from the 200-hour Simple Moving Average (SMA) at $78.28. US Crude Oil is trading back from last week’s peak bids near $80.25, and WTI set a fresh near-term low on Monday around $76.50.
Crude Oil continues to churn chart paper, with WTI struggling to develop meaningful momentum in either direction as the 200-day SMA just shy of $78.00 per barrel keeps prices pinned into the midrange
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