WTI Price Analysis: Oversold RSI can stop bears targeting 61.8% Fibonacci
|- WTI seesaws near 15-week low flashed the previous day.
- Oversold RSI could repeat patterns registered from early-January 2019.
- $57.35/25 becomes the key resistance confluence.
WTI bears catch a breath as the quote flashes $53.00 during the initial trading session on Tuesday. The energy benchmark recently dropped to the lowest since October and is declining towards 61.8% Fibonacci retracement of its upside from December 2018 to April 2019.
Even so, overbought conditions of RSI can help repeat the bounces off $51.60 key Fibonacci level, if not then $50.00 could try disappointing the sellers.
In a case where the black gold continues to linger beneath $50.00, high marked on December 26, 2018, near $47.00 will be in the spotlight.
On the flip side, a 50% Fibonacci retracement level of $54.50 could please the short-term buyers during the pullback.
However, a confluence of 100 and 200-day SMA, as well as 38.2% Fibonacci retracement, will cap the rise around $57.25/35, if not then a fresh run-up towards $60.00 could be expected.
WTI daily chart
Trend: Pullback 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.