WTI Oil Technical Analysis: RSI may hold key for price pullback

Omkar Godbole FXStreet Contributor

WTI oil's pullback from the Jan. 11 high of $53.29 could gather traction if the relative strength index confirms a bear flag breakdown.

3-hour chart

As seen above, the ascending 50-candle MA has put brakes on the price pullback. The RSI, however, has created a bear flag - a bearish continuation pattern - which is essentially a pause that accelerates the preceding bearish move.

As a result, the flag breakdown on the RSI could be considered an advance warning of a deeper price pullback to the 100-candle MA, currently at $49.43. Interestingly, the rising trendline is currently located just below the 100-candle MA.

Trend: bearish

WTI

Overview:
    Today Last Price: 52.28
    Today Daily change: -33 pips
    Today Daily change %: -0.627%
    Today Daily Open: 52.61
Trends:
    Previous Daily SMA20: 48.55
    Previous Daily SMA50: 51.02
    Previous Daily SMA100: 60.02
    Previous Daily SMA200: 64.3
Levels:
    Previous Daily High: 52.8
    Previous Daily Low: 51.56
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 52.33
    Previous Daily Fibonacci 61.8%: 52.03
    Previous Daily Pivot Point S1: 51.85
    Previous Daily Pivot Point S2: 51.08
    Previous Daily Pivot Point S3: 50.61
    Previous Daily Pivot Point R1: 53.09
    Previous Daily Pivot Point R2: 53.56
    Previous Daily Pivot Point R3: 54.33

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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