West Texas Intermediate (WTI), the benchmark for US crude oil, experienced renewed selling pressure after a brief intraday rise to $69.25 on Friday, following a modest rebound from its lowest level since late February, which was reached the previous day. As of the latest update, WTI is trading just above the mid-$68.00s, reflecting a daily gain of approximately 0.30%. Despite this minor uptick, WTI is on track to post losses for the fourth consecutive week, highlighting ongoing bearish sentiment in the market [1].
From a technical standpoint, WTI crude oil maintains a bearish near-term outlook, trading below the critical 200-day Simple Moving Average (SMA) and the 61.8% Fibonacci retracement of the December 2025-March 2026 rally. The Relative Strength Index (RSI) stands at 29, indicating oversold conditions and suggesting the possibility of a short-lived corrective bounce. However, the Moving Average Convergence Divergence (MACD) remains negative, reinforcing the prevailing downside pressure. A decisive break below the 78.6% Fibonacci level near $67.50 would support an extension of the bearish trend, potentially targeting the prior cycle low at $55.12 [1].
On the upside, any recovery is expected to encounter immediate resistance at the 200-day SMA around $73.19, with further barriers at the 61.8% retracement ($77.23), 50.0% retracement ($84.05), 38.2% retracement ($90.88), and 23.6% retracement ($99.33) [1].
No specific market reactions, forward-looking statements, or analyst opinions beyond the technical analysis are provided in the source article [1].
CONCLUSION
WTI crude oil continues to face downward pressure, trading near $68.50 and poised for a fourth consecutive week of losses. Technical indicators suggest that while a short-term bounce is possible due to oversold conditions, the overall bearish trend remains intact unless key resistance levels are reclaimed. Market participants are advised to monitor technical thresholds for potential shifts in momentum.