WTI Price Analysis: 200-HMA remains a tough nut to crack for the bulls

Sellers return after WTI run into strong offers just below the 200-HMA cap.
RSI trades flat while above the bullish zone, keeping buyers hopeful.

Dhwani Mehta FXStreet

WTI (futures on NYMEX) has stalled its recovery rally below the 200-hourly moving average (HMA), now dropping further towards the $59.50 level.

The US oil drew support from the Saudi Arabian Energy Minister Prince Abdulaziz bin Salman’s comments. The Minister expressed confidence that OPEC and its allies (OPEC+) made the right output decision.

At the time of writing, WTI drops to $59.65, looking to test the critical support at $59.60, which is the confluence of the upward-pointing 21-HMA and bearish 100-DMA at $59.60.

A break below the last could expose the 50-HMA at $59.50.

WTI one-hour chart

The hourly Relative Strength Index (RSI) has turned south but holds above the central line, currently at 51.93.

Therefore, the upside bias still appears intact. The oil bulls need a sustained break above the horizontal 200-HMA at $60.10 to unleash additional upside.

The next relevant barrier is seen at the psychological $60.50 level.

WTI additional levels

WTI

Overview
Today last price	59.66
Today Daily Change	-0.13
Today Daily Change %	-0.22
Today daily open	59.79

Trends
Daily SMA20	61.32
Daily SMA50	60.33
Daily SMA100	54.41
Daily SMA200	47.5

Levels
Previous Daily High	59.93
Previous Daily Low	58.85
Previous Weekly High	62.25
Previous Weekly Low	58.88
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	59.52
Daily Fibonacci 61.8%	59.26
Daily Pivot Point S1	59.12
Daily Pivot Point S2	58.44
Daily Pivot Point S3	58.03
Daily Pivot Point R1	60.2
Daily Pivot Point R2	60.61
Daily Pivot Point R3	61.28

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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