WTI Crude Slides Toward $74.50, Bearish Momentum Persists Below 100-Day SMA
West Texas Intermediate crude oil edged lower to near $74.50 on Wednesday, with the bearish outlook intact as long as prices stay beneath the 100-day simple moving average.
US benchmark West Texas Intermediate (WTI) crude traded around $74.50 during early European hours on Wednesday, extending its recent decline. The move comes amid mixed developments involving the US and Iran.
Technical analysis highlights a bearish bias as the commodity continues to hold below the 100-day simple moving average. This key level has capped upside attempts and reinforced selling pressure.
The intersection of geopolitical uncertainty and technical resistance suggests limited upside for WTI in the near term. Traders are closely monitoring any breakout above the moving average for a potential trend reversal.
Source: FXStreet Forex News