WTI oil is currently trading just above the 50-day moving average (MA) of $52.60.
A price pullback could be in the offing before a convincing breakout above the MA, as the RSI on the 4-hour chart is reporting overbought conditions, validating the indecision or bullish exhaustion signaled by yesterday's doji candle.
- The RSI on the 4-hour chart is hovering above 70.00 in overbought territory. More importantly, the latest higher high on price is not confirmed by the indicator, that is a bearish divergence could be in the offing.
- The bearish view put forward by the downward sloping 50-day MA would be reinforced if prices confirm a bear doji reversal with a close below $51.39. That could yield a test of demand below the psychological level of $50.00.
- A close above $52.75 would signal bullish continuation.
Trend: Pullback likely
Today Last Price: 52.76
Today Daily change: 20 pips
Today Daily change %: 0.381%
Today Daily Open: 52.56
Previous Daily SMA20: 48.14
Previous Daily SMA50: 51.86
Previous Daily SMA100: 60.88
Previous Daily SMA200: 64.79
Previous Daily High: 53.03
Previous Daily Low: 51.66
Previous Weekly High: 49.41
Previous Weekly Low: 44.52
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Previous Daily Fibonacci 38.2%: 52.51
Previous Daily Fibonacci 61.8%: 52.18
Previous Daily Pivot Point S1: 51.8
Previous Daily Pivot Point S2: 51.05
Previous Daily Pivot Point S3: 50.43
Previous Daily Pivot Point R1: 53.17
Previous Daily Pivot Point R2: 53.79
Previous Daily Pivot Point R3: 54.54
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