- 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
Additional important levels
|Today last price||40.68|
|Today Daily Change||0.57|
|Today Daily Change %||1.42%|
|Today daily open||40.11|
|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|
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