(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

WTI Crude Oil Under Fire—Could Another Wave of Selling Hit Soon?

Article background

Aayush Jindal

Key Highlights

  • WTI Crude Oil prices started a fresh decline below the $65.00 zone.
  • A connecting bearish trend line is forming with resistance at $65.00 on the 4-hour chart.
  • Gold could attempt a fresh increase if it clears the $3,385 resistance.
  • Ethereum price rallies further above the $4,650 and $4,700 levels.

WTI Crude Oil Price Technical Analysis

WTI Crude Oil price struggled above $66.50 against the US Dollar. There was a decline below the $65.50 and $65.00 support levels.

Looking at the 4-hour chart of XTI/USD, the price settled below the $65.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears even pushed the price below $63.20.

Finally, the price tested the $62.65 zone and recently started a consolidation phase. On the upside, immediate resistance is near the $64.50 level or the 23.6% Fib retracement level of the downward move from the $71.18 swing high to the $62.68 low.

The first key resistance sits near the $65.00 level. There is also a connecting bearish trend line forming with resistance at $65.00. The main hurdle is now near the $65.90 zone, above which the price may perhaps accelerate higher.

In the stated case, it could even visit the 100 simple moving average (red, 4-hour) at $66.50. Any more gains might call for a test of $68.00 in the near term.

On the downside, the first major support sits near the $62.65 zone. The next support could be $61.50. A daily close below $61.50 could open the doors for a larger decline. The next major support is $60.00. Any more losses might send oil prices toward $58.00 in the coming days.

Looking at Gold, the bulls are slowly regaining strength and might soon aim for a move above the $3,385 resistance zone.

Economic Releases to Watch Today

  • US Initial Jobless Claims - Forecast 224K, versus 217K previous.
  • US Producer Price Index for July 2025 (MoM) – Forecast +0.2%, versus 0% previous.
  • US Producer Price Index for July 2025 (YoY) – Forecast +2.5%, versus +2.3% previous.
Excellent
Trustpilot
Open a Live accountOpen a Demo account
Loading