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.

Anil Panchal FXStreet

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

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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