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

Today last price 40.68
Today Daily Change 0.57
Today Daily Change % 1.42%
Today daily open 40.11
Daily SMA20 39.86
Daily SMA50 41.19
Daily SMA100 38.99
Daily SMA200 40.44
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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