Skip to Content
News & Analysis at your fingertips.
Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Crude Oil Technical Forecast: WTI Chart Shows More Losses Ahead

Crude Oil Technical Forecast: WTI Chart Shows More Losses Ahead

What's on this page

Crude Oil Technical Price Forecast: Bearish

  • WTI crude oil prices fell nearly 10%, bringing prices to the lowest level traded since February
  • Prices breached the 200-day SMA and 90 psychological level, tiring WTI’s technical posture
  • A crossover of the 50- and 100-day SMAs is on the cards, threatening sentiment further
Oil Forecast
Oil Forecast
Recommended by Thomas Westwater
Get Your Free Oil Forecast
Get My Guide

WTI Crude Oil Technical Outlook

West Texas Intermediate (WTI) crude oil prices fell nearly 10% last week, wiping out the prior week’s gain and dropping to the lowest level traded since February. While August just started, prices are on track to record the third and largest consecutive monthly decline, assuming the prevailing bear trend holds. Despite last week’s sharp decline, WTI prices are around 17% higher on a year-to-date basis. However, if prices continue falling at last week’s pace, it would put bears within 7% of the January 2022 low.

That assumption looks increasingly likely, given several bearish chart developments. Prices pierced below the 90 psychological level before pausing at the 61.8% Fibonacci retracement level from the December 2021/March 2022 move. If prices break below the 61.8% Fib level, prices may threaten a resistance zone turned to support from October 2021 and January 2022.

Overall, prices look poised to slide further and extend the downtrend that started in June. The move below the 200-day Simple Moving Average (SMA) is likely to increase the bearish sentiment on the commodity. The 50-day SMA is tracking lower, and a cross below the 100-day SMA looks imminent. That would generate a negative signal that could put more pressure on prices. That said, oil’s path of least resistance is to the downside.

WTI Crude Oil Daily Chart

wti crude oil technical chart

Chart created with TradingView

Trade Smarter - Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

--- Written by Thomas Westwater, Analyst for

To contact Thomas, use the comments section below or @FxWestwater on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.