West Texas Intermediate (WTI) Crude Plummets nearly 5%
West Texas Intermediate (WTI) Crude Plummets nearly 5%
West Texas Intermediate (WTI) crude oil prices fell about 5% on Tuesday, turning negative for the year.
The decline was driven by disappointing economic data from China and a weak U.S. manufacturing sector.
China's new export orders fell for the first time in eight months in July, and new home prices rose at their slowest pace this year.
Additionally, U.S. manufacturing data for August missed forecasts, coming in at 47.2 versus the expected 47.5, slightly above July’s 46.8.
Based on technical analysis, traders should adjust risk management strategies focusing on the key area of $68.60-$69.40, which is expected to act as a support level and potentially lead to a bounce.
Key indicators include a negative 3-day Relative Strength Index (RSI), a mixed Moving Average Convergence Divergence (MACD), and an Average Directional Index (ADX), suggesting a weak bear trend.
Daily Chart West Texas Intermediate (WTI)
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