WTI witnesses fresh selling while flashing $39.35 as a quote during the pre-European trading on Monday. The energy benchmark earlier dropped to $38.80 before recovering to $39.78. Though, 100-day EMA keeps the quote’s recent upside capped while also pushes the black gold to flash 0.87% losses by the press time.
In addition to the failures to cross 100-day EMA, bearish MACD also favor sellers. The MACD histogram is at the lowest levels since April 28, which in turn suggests the commodity’s further weakness.
Hence, the bears can aim for late-June lows near $37.15 during the further weakness while $38.00 may act as immediate support.