- Currently, WTI oil is trading at $68.76 per barrel, having closed well below the 100-day EMA support yesterday.
- On the daily chart, WTI has breached the short-term rising trendline. The 5-day and 10-day EMAs are trending south. The RSI is bearish below 50.00 and the MACD is signaling that the bearish momentum is strengthening. However, oversold readings on stochastic could produce a minor bounce.
- On the hourly chart, we see a bullish divergence of the RSI and a bullish MACD.
- Hence, a minor bounce, possibly to downward sloping 50-hour EMA of $69.70, could be seen before further sell-off toward $66.89 (Sept. 7 low) unfolds.
- Only a daily close above the descending 10-day EMA would invalidate the bearish setup.
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