Crude Oil: WTI Trades Underneath Bearish Pressure After Plunging Beneath the $63.50 Level

USDWTI Price Analysis – February 26

At the time of writing, WTI remains on the back foot trading at $62.53 after sellers’ pressure pushed the USDWTI pair to a $61.82 daily low. The barrel of West Texas Intermediate (WTI) hit its highest level in more than a year at $63.79 during the prior session, however, staged a rebound on Friday.

Key Levels
Resistance Levels: $70.10, $67.52, $63.73
Support Levels: $60.72, $57.40, $53.90
USDWTI Long term Trend: Bullish
From a technical perspective, USDWTI reflects a clear bullish market on the daily chart. A step above the $63.79 barrier could trigger the next upside breakout. However, the RSI is on a corrective journey before its next leg up. A pullback from the weekly top at $63.79 beneath the MA 5 and 13 threshold may generate additional buying.

The following pullback, however, may not last long as buyers may buy the dip at the $60.72 level. Hence, WTI sellers should keep their eyes on the MA 13 support line, at $60.50 during further declines. However, any further weakness will be probed by the three-week-old horizontal support near the $57.40 level.
USDWTI Short term Trend: Ranging
WTI price action is currently trading around $63.18 and $61.78 intraday levels beyond the near-term lower end of the channel range at the $60.72 level. With the upward level of resistance shown at $63.79 in the near term, analysts expect prices to trade within that range.

On the upside, a break beyond the $63.79 level would see oil prices challenging the $67.52 psychological level of resistance. Prices are somewhat likely to stay subdued in the short term and risk selling pressure, particularly with economic recovery concerns now lingering.

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