WTI Crude Slips Below $80, Bears Eye 200-Day SMA
West Texas Intermediate crude fell nearly 4% on Tuesday, extending Monday’s 9% plunge after the US and Iran paused military exchanges. The breakdown below $80 has sellers targeting the 200-day simple moving average.
West Texas Intermediate crude oil extended its sell-off on Tuesday, trading around $77.90, down nearly 4% for the session. The slide follows a 9% collapse on Monday, triggered by a halt in military hostilities between the United States and Iran.
With tensions easing, the geopolitical risk premium evaporated, sending prices through the psychologically important $80 level. The breach of this support has shifted technical focus to the 200-day simple moving average, a key long-term trend gauge that now becomes the next downside target for bears.
Source: FXStreet Forex News