WTI Price Analysis: 200-HMA probes sellers around $52.00

WTI remains on the back foot around one week low.
RSI conditions favor corrective pullback towards short-term resistance line.
Sellers may eye $51.30 as extra downside filter.

Anil Panchal FXStreet

WTI wavers around $52.00, down 0.44% on a day, during early Monday. In doing so, the energy benchmark trades near the lowest level in one week as bears battle 200-HMA.

It should be noted that RSI conditions are also nearly oversold and can trigger the quote’s bounce. As a result, a downward sloping trend line from Friday, currently around $52.50, can lure intraday buyers.

However, any further upside will eye to refresh the multi-month high, marked earlier during the month, around $54.00.

During the rise, the black gold may avail an intermediate halt around $53.30 while February 2020 peak surrounding $54.70.

Alternatively, a sustained downside below 200-HMA level of $52.00 will eye for $51.00 and 61.8% Fibonacci retracement of January 04-13 upside, near $49.80.

Overall, WTI is in an uptrend but the intermediate pullbacks can’t be ruled out.

WTI hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	51.99
Today Daily Change	-0.25
Today Daily Change %	-0.48%
Today daily open	52.24

Trends
Daily SMA20	49.8
Daily SMA50	46.68
Daily SMA100	43.14
Daily SMA200	39.28

Levels
Previous Daily High	53.86
Previous Daily Low	51.89
Previous Weekly High	53.94
Previous Weekly Low	51.51
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	52.64
Daily Fibonacci 61.8%	53.11
Daily Pivot Point S1	51.47
Daily Pivot Point S2	50.69
Daily Pivot Point S3	49.5
Daily Pivot Point R1	53.44
Daily Pivot Point R2	54.64
Daily Pivot Point R3	55.41

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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