WTI Price Analysis: $41.00 becomes a tough nut to crack for the bulls


  • WTI buyers struggle to keep the previous day’s upside momentum near one-week high.
  • One-month-old falling trend line restricts WTI crude oil’s immediate upside.
  • 200-bar SMA, 61.8% Fibonacci retracement offers the key resistance.
  • Multiple ascending trend line stands tall to question the bears’ entries.

WTI fades Monday’s upside momentum while easing to $40.68 during the pre-Tokyo open trading on Tuesday. The energy benchmark earlier rose to the highest in one week before taking a U-turn from a descending trend line from August 31.

Not only the immediate resistance line, currently around $40.85, 200-bar SMA and 61.8% Fibonacci retracement level of WTI’s August-September downside, around $41.00, also acts as the key upside barrier for the black gold.

As a result, odds of the commodity’s pullback to the $40.00 threshold, also comprising an upward sloping trend line from September 14, are brighter.

Though, any further weakness below the psychological benchmark will be probed by a short-term rising support line from September 21 that presently stays around $39.50.

It’s worth mentioning that the RSI strength may help WTI to attack the monthly top of $41.75 on the successful clearance above $41.00.

WTI four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price 40.68
Today Daily Change 0.57
Today Daily Change % 1.42%
Today daily open 40.11
 
Trends
Daily SMA20 39.86
Daily SMA50 41.19
Daily SMA100 38.99
Daily SMA200 40.44
 
Levels
Previous Daily High 40.71
Previous Daily Low 39.8
Previous Weekly High 41.51
Previous Weekly Low 38.92
Previous Monthly High 43.86
Previous Monthly Low 39.75
Daily Fibonacci 38.2% 40.15
Daily Fibonacci 61.8% 40.36
Daily Pivot Point S1 39.71
Daily Pivot Point S2 39.3
Daily Pivot Point S3 38.81
Daily Pivot Point R1 40.61
Daily Pivot Point R2 41.11
Daily Pivot Point R3 41.52

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD fuelled 0.2% by strong PMI Composite in early Asia

AUD is up on the day so far as early data gives the bulls a head start. Early Asia has been kind to Aussie bulls with the price of the currency extending its late New York gains with a robust Construction PMI report, solidly above the 50.0 expansion level, arriving at 54.2.

AUD/USD News

NZD/USD bullish bets above 0.6690 marked down by CPI miss

NZD/USD bulls have been stopped in their tracks by the miss in the CPI data. The US dollar found a lease of life on Wall Street, bulls encouraged by data. New Zealand's CPI was released in recent trade which has changed the bird's flight trajectory in early Asia.

NZD/USD News

Gold: Bears seeking a continuation below key daily support

Gold prices are back under pressure and below a critical trendline on the daily chart. The swing trading opportunities are caught up in the wash of volatility. A day trading strategy could offer an opportunity if price obeys market structure.

Gold News

2020 US Elections: The final presidential debate

The second and final presidential debate between Donald Trump and Joe Biden promises to be a political event of the first magnitude. Mr. Biden leads i

Read more

WTI bulls keep the fuell buring into Wall Street close

West Texas Intermediate crude oil is higher on the day, although has run into resistance and started to consolidate.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures