WTI Price Analysis: Dribbles below $110.00 even as bulls eye monthly resistance
|- WTI grinds higher during the four-day uptrend, approaches short-term key hurdle.
- RSI conditions suggest difficulties for buyers in crossing the resistance line.
- 61.8% Fibonacci retracement level, weekly support line restrict short-term downside.
WTI crude oil prices keep the previous week’s recovery moves, despite being sidelined at around $109.50 during Monday’s Asian.
In doing so, the black gold stays above a one-week-old ascending support line, as well as the 50-SMA. The same joins firmer RSI conditions, not overbought, to keep buyers hopeful.
However, an upward sloping trend line from April 18, around $111.00 by the press time, joins the RSI lines rush towards overbought territory to test the energy prices.
Should the quote rises past $111.00, the 78.6% Fibonacci retracement (Fibo.) of the March-April downturn, near $111.60, could act as an additional upside filter before directing the WTI bulls towards late March’s swing high of $115.85.
On the contrary, pullback moves may remain elusive until staying beyond the 61.8% Fibo close to $107.00, quickly followed by the aforementioned support line surrounding $106.10.
Even if the quote drops below $106.10, the 50-SMA level of $105.15 will test WTI sellers before directing them to the $100.00 psychological magnet.
WTI: Four-hour chart
Trend: Limited upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.