WTI Price Forecast: Flirts with 100-hour SMA pivotal support near $63.00 mark

• WTI retains negative bias for the third straight day amid fuel demand and supply glut concerns.

• The post-FOMC USD recovery from a three-and-a-half-year low also weighs on the commodity.

• Bearish traders now await a convincing break below the 100-hour SMA before placing fresh bets.

West Texas Intermediate (WTI) US Crude Oil prices drift lower for the third consecutive day on Friday amid growing concerns over slowing US demand and a supply glut in the coming quarters. Adding to this, the recent strong US Dollar (USD) recovery from its lowest level since February 2022 puts pressure on the commodity and drags it to the $63.00 mark during the Asian session.

From a technical perspective, the black liquid is currently placed around the 100-hour Simple Moving Average (SMA) pivotal support. Given that oscillators on the said chart have been gaining negative traction and are still away from being in the oversold territory, a convincing break below the said support, or the $63.00 mark, will be seen as a fresh trigger for bearish traders and set the stage for deeper losses.

Crude Oil prices might then extend the downfall towards the $62.40-$62.30 intermediate support before eventually dropping to the $62.00 round-figure mark. Some follow-through selling would expose the 61.45 region, or the lowest level since June touched earlier this month.

On the flip side, any attempted recovery beyond the $63.30 immediate hurdle is more likely to attract some sellers and remain capped near the $63.75 horizontal resistance. This is closely followed by the $64.00 round figure, which, if cleared, could lift Crude Oil prices to the $64.40 region, or a nearly two-week high touched on Tuesday. The black liquid might then aim to reclaim the $65.00 psychological mark.

WTI 1-hour chart