Wednesday 23rd April

The daily chart for WTI crude oil shows a neutral longer-term outlook as the price is caught within a tight range after a recent push higher. The price has failed to break above the key resistance at 75.30, despite being above both the 50-day (blue line) and 200-day (green line) moving averages. The 50-day moving average is currently providing support at 71.59, while the 200-day moving average sits at 67.45, acting as a strong longer-term support level. The Stochastic Momentum Index (SMI) is neutral, showing no significant momentum divergence but indicating some loss of upside momentum as it begins to flatten. Immediate resistance is at 75.30, followed by a key level at 78.43. On the downside, support is at 67.45 and 62.54. A stop loss could be placed just below 67.45 to protect against any potential breakdown.

The 4-hour chart reflects a bearish short-term outlook as the price has recently experienced a sharp pullback from its high near 72.00. The price has now fallen below both the 50-period (blue line) and 200-period (green line) moving averages, signaling a short-term shift in momentum to the downside. The Stochastic Momentum Index (SMI) is moving into oversold territory, suggesting that further downside pressure may follow. The immediate resistance level is at 65.97, with a stronger level around 67.45. On the downside, support is found at 62.54, with the potential for a retest of the recent low. Traders should consider placing a stop loss just above 65.97 to protect against any potential reversal to the upside.

Tuesday 22nd April

The daily chart for WTI crude oil indicates a bearish longer-term outlook, with price action recently breaking below the 200-day SMA at 71.68 and currently trading beneath all three key moving averages. The sharp breakdown through the rising trendline support in early April was followed by a failed rebound attempt that has stalled below the 62.95 horizontal resistance level. Price is now trapped between that resistance and the psychologically significant 60.00 mark, which acts as immediate support. The descending 50-day SMA at 67.61 and the still-declining 200-day SMA suggest continued overhead pressure. The Stochastic Momentum Index, while rebounding from deeply oversold levels, is yet to cross decisively above zero and currently reads -13.15%, reinforcing that the bounce lacks bullish momentum. The broader downtrend remains in place until price reclaims the 200-day SMA and breaks the descending orange trendline near 75.30. Downside targets are 60.00 and 56.00, while bulls must clear 62.95 followed by 67.61 to shift the bias. A stop loss for bearish positions could be placed above 64.50, guarding against a sudden squeeze above resistance.

The 4-hour chart reinforces the bearish short-term bias, as the price remains capped below the downward-sloping 200-period SMA at 68.04. The recent bounce found resistance at the 63.43 level, which aligns with prior support turned resistance from the April breakdown. Additionally, the 50-period SMA at 61.73 is beginning to flatten, suggesting a loss of upside momentum. While the price briefly traded above the 14-period SMA, the subsequent rejection and softening of the Stochastic Momentum Index (currently at 20.89%) point to weakening short-term momentum. There is no bullish divergence forming between the recent higher lows in the SMI and price, indicating that the move higher may have been corrective. Unless the index clears 63.43 decisively, the path of least resistance remains down, with immediate support seen at 60.00, followed by a deeper target around 57.50. Traders entering short positions should consider placing a stop above 64.00, just above the local high and the 63.43 resistance area, to limit risk.

Thursday 17th April

The daily chart for WTI crude oil reveals a bearish longer-term bias as the recent sell-off drove prices sharply below all key moving averages. Price attempted a rebound but was rejected just below the horizontal resistance at 64.00, a key pivot level. The 14-day SMA (64.00), 50-day SMA (67.94), and 200-day SMA (71.88) are all sloping downward, confirming a strong downtrend structure. The Stochastic Momentum Index, while recovering from deeply oversold territory, remains in negative territory at -25.37%, highlighting that bullish momentum is still weak. Notably, price made a lower low in early April, while the SMI printed a higher low, signaling a bullish divergence and suggesting the current rebound may have some short-term legs. However, this does not change the broader bearish structure unless price can reclaim and hold above 67.94. Resistance levels lie at 64.00 and then 67.94. A break back below the 60.00 mark would invalidate the current rebound and expose the next support at 58.00. A stop loss above 67.00 is recommended for traders holding short positions to protect against a deeper recovery.

The 4-hour chart for WTI offers a more bullish short-term outlook as price has managed to recover above the 14-period SMA (currently at 63.69) and the 50-period SMA (60.92), showing signs of regaining near-term momentum. The 200-period SMA (68.31) still acts as the upper ceiling and a longer-term bearish barrier. The Stochastic Momentum Index has turned up sharply and is currently at 51.42%, suggesting that buyers are regaining control in the short term. The price action shows a series of higher lows and a potential breakout above 64.00 would confirm the start of a new short-term uptrend. However, unless the price breaks above the 200-period SMA and sustains the move, the overall trend remains vulnerable to reversal. Immediate resistance lies at 64.00, followed by 68.31. On the downside, support is seen at 60.92 and then 58.00. For bullish trades, a stop loss can be placed below 60.00 to guard against breakdown risks while targeting a move toward the 68.00 region.