WTI Futures Plunges Beneath Ascending Line Near 72.00

Technical analysis of Forex market

WTI crude oil futures are falling further, continuing the selling interest from the 32-month high of 74.43. The RSI is now trending south in the negative zone, while the MACD is losing ground below its trigger and zero lines.

A sell-off might drive the bears all the way towards the 70.75 level ahead of the 69.80 barrier. Underneath this line, the 200-period simple moving average (SMA) at 68.73 could halt bearish actions before testing the 68.25 level.

Immediate resistance would come from the 20- and 40-period simple moving averages (SMAs) at 73.00 and 73.36 ahead of the multi-month high of 74.43. Pushing higher the 75.07 level, which was the high in July 2018, could come next.

Over the last month, WTI futures had been climbing; however, today, the commodity is tumbling beneath its rising trend line. Any decreases below the 200-period SMA as well would shift the bullish view to bearish.