Price of WTI weakens inside a falling wedge, breaking below prior support near $82.00

Alina Haynes

Sep 29, 2022 11:54

On Thursday's Asian trading session, the price of West Texas Intermediate (WTI) crude oil retreated from its four-month high, as bulls took a breather near $82.00. However, as of this writing, the price of black gold has fallen to $81.30 a barrel.

Thus, the quote weakened from the prior support line from September 07 while remaining within the monthly falling wedge bullish chart pattern.

Commodity prices are anticipated to extend their recent barrier around $82.00 in light of the recent higher RSI and bullish MACD indications.

In order for the quotation to continue rising, however, it must first confirm the wedge formation with a decisive break above $82.80 and then overcome the 100-SMA barrier near $83.55.

On the other hand, if a price decline occurs, it may test the $80.00 level again before reaching the weekly horizontal support near $78.00.

If the price of WTI crude oil falls below $78.00, it may test the recent multi-month bottom near $76.00 and the lower line of the mentioned wedge, at roughly $75.20.

Price of WTI weakens inside a falling wedge, breaking below prior support near $82.00

Suggestion

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After a corrective move, the gold price should find support around $1,650, and talk of the US gross domestic product (GDP) is making the market excited