Oil Prices Plummeted -7% on Friday To Touch The Year's Nadir
On Friday, oil prices dropped to their lowest level in almost a year. West Texas Intermediate crude briefly plunged about -7% to $50.60 a barrel, its weakest price since Oct. 12, 2017. International benchmark Brent crude price fell -4.9% to around $59.52 a barrel at 9:44 a.m. ET.
Oil prices are down around -20% so far this month. Reports of a possible production cut by OPEC in December is apparently failing to boost prices of crude futures. Traders/investors are probably expecting the pace of oil demand growth to fall short of supply. The International Energy Agency (IEA) recently projected that non-OPEC output alone would climb to 2.3 million barrels per day (bpd) this year, while global supply has already been climbing so far in 2018. The IEA expects demand in 2019 to grow at a rate of 1.3 million bpd, revising down its previous forecast of 1.5 million bpd. Meanwhile, U.S. President Donald Trump has been urging OPEC not to cut production next month as he is apparently in favor of lower oil prices.
Momentum Indicator for WTID turns negative, indicating new downward trend
WTID saw its Momentum Indicator move below the 0 level on July 08, 2025. This is an indication that the stock could be shifting in to a new downward move. Traders may want to consider selling the stock or exploring put options. Tickeron's A.I.dvisor looked at 38 similar instances where the indicator turned negative. In of the 38 cases, the stock moved further down in the following days. The odds of a decline are at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The Moving Average Convergence Divergence Histogram (MACD) for WTID turned negative on July 10, 2025. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 21 similar instances when the indicator turned negative. In of the 21 cases the stock turned lower in the days that followed. This puts the odds of success at .
The 50-day moving average for WTID moved below the 200-day moving average on June 18, 2025. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where WTID declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for WTID entered a downward trend on July 02, 2025. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where WTID's RSI Indicator exited the oversold zone, of 13 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 2 days, which means it's wise to expect a price bounce in the near future.
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