WTI Price Analysis: $40.85/80 guards immediate upside


  • WTI prints two-day losing streak while keeping downside break of monthly support line and 21-day SMA.
  • 50-day SMA appears next on the bears’ radars.
  • Bulls will have a bumpy road unless refreshing the monthly top.

WTI drops to $40.16, down 0.76% on a day, while heading into the European open on Friday. The energy benchmark dropped below the key $40.85/80 support confluence, now resistance, comprising 21-day SMA and an ascending trend line from June 25.

The fall gains support from downward sloping RSI, which in turn directs the quote towards a 50-day SMA level of $39.00. However, the $40.00 threshold may offer an intermediate halt during the declines.

In a case where the black gold keeps trading southward past-$39.00, June 25 low near $37.20 and the mid-June bottom surrounding $34.60 will be in the spotlight.

Meanwhile, an upside clearance of the support-turned-resistance around $40.85 will need confirmation from $41.00 to attack a downward sloping trend line from July 21, at $41.65 now.

If at all oil prices rally past-$41.65 on a daily closing basis, the multi-day high, flashed on July 21, around $42.50, will hold the gate for the run-up towards February month low near $44.00.

WTI daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 40.17
Today Daily Change -0.30
Today Daily Change % -0.74%
Today daily open 40.47
 
Trends
Daily SMA20 40.89
Daily SMA50 38.89
Daily SMA100 32.1
Daily SMA200 43.72
 
Levels
Previous Daily High 41.5
Previous Daily Low 39.1
Previous Weekly High 42.52
Previous Weekly Low 39.99
Previous Monthly High 41.65
Previous Monthly Low 34.45
Daily Fibonacci 38.2% 40.02
Daily Fibonacci 61.8% 40.59
Daily Pivot Point S1 39.21
Daily Pivot Point S2 37.96
Daily Pivot Point S3 36.82
Daily Pivot Point R1 41.61
Daily Pivot Point R2 42.76
Daily Pivot Point R3 44.01

 

 

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