WTI Price Analysis: Breaks weekly support line to attack $41.00

  • WTI remains pressure following its U-turn from $41.65.
  • Tuesday’s low may offer intermediate halt ahead of eight-day-old rising trend line.
  • Bulls will have to cross multiple barriers before challenging February’s low.

WTI drops to $41.30, down 0.28% on a day, before the European traders ring the bell for Thursday’s session. The energy benchmark slips below an ascending trend line from Monday to convince sellers while targeting $41.00.

Additionally, Tuesday’s low near $40.90 and an upward sloping support line from July 20, currently around $40.80, will offer extra challenges to the sellers before diverting them to the $40.00 threshold.

During the quote’s weakness past-$40.00, the monthly low around $38.73 will be in the spotlight.

Alternatively, a one-week-old resistance line, at $41.67 now, could restrict the black gold’s immediate upside ahead of the weekly top near $42.00.

Should there be a further rise beyond $42.00, $42.40 and the recent high, also the highest since early-March, close to $42.55, will be holding the gates for the entry of February month’s low around $44.00.

WTI hourly chart

Trend: Further weakness expected

 

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