West Texas Intermediate (WTI) wavers since reaching the $83 objective. A neutral stance is maintained
On Thursday, West Texas Intermediate (WTI) oil prices continued their decline from multi-month highs, reaching their objective at $83.00.
Profit-taking and concerns about overbought conditions contributed to the weaker session.
Elsewhere, U.S. Secretary of State Antony Blinken's comments on potential Gaza ceasefire talks in Qatar raised the possibility of increased global oil supply.
Despite this, expectations of tighter oil supplies, driven by decreased crude oil inventories and increased refinery activity, remained intact.
Based on technical analysis, the Relative Strength Index (RSI) holds a negative bias.
The Moving Average Convergence Divergence (MACD) oscillator holds a weak bullish bias. The ADX (trend) indicator supports a ranging market.
Traders should reassess at key levels and adjust strategies accordingly.
Reaching the $83 objective prompts a reassessment, advocating a neutral stance.
Daily Chart West Texas Intermediate (WTI)
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