WTI crude oil prices may be reading to extend lower following recent technical developments, especially on the 4-hour chart. For now, let us focus on the daily setting. Oil is currently on course for a second consecutive weekly loss, which has been fairly unusual for WTI given price action since May. Is this a sign of technical exhaustion?
In recent days, WTI left behind new support around 78.99 after confirming a breakout under the rising trendline from June. This also followed the emergence of a Bearish Engulfing candlestick pattern. Meanwhile, resistance was established around 81.56. Below current price action, a bullish Golden Cross emerged between the 50- and 100-day Moving Averages (MAs).
