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WTI Price Analysis: Bearish Doji investigates Oil purchasers in the vicinity of $78.5

Alina Haynes

Jan 13, 2023 14:54

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WTI crude oil fluctuates at $78.50 as energy bulls take a breather following four consecutive days of gains. Nonetheless, the black gold's recent weakness or inability to increase further may be attributable to a bearish candlestick pattern on the four-hour chart and an overbought RSI (14).

 

In spite of this, the Gravestone Doji candlestick above the weekly high entices WTI sellers to revisit the $77.00-$76.90 support zone, which includes repeated lows since December 20. Nonetheless, the 200-SMA level near $76.75 could impede the commodity's further decline.

 

In the event that the quote stays bearish beyond $76.75, various obstacles around $75.00 could test the oil bears before emphasizing a rising support line from December 09, close to $73.35 at the absolute latest.

 

Alternatively, WTI crude oil prices must surpass the immediate high of $79.35 to defy the bearish candlestick's downward bias.

 

However, a three-week-old horizontal zone encompassing $80.95-81.10 may pose a threat to oil purchasers in the future.

 

Notably, the WTI crude oil's rise above $81.10 will require confirmation from the monthly high at $81.55 in order to target the previous month's peak of $83.30.

 

In conclusion, WTI crude oil is expected to have a pullback, but the bears face a rough road before regaining control.


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