WTI Price Analysis: 50-DMA guards immediate upside

WTI fades bounce off intraday low, grinds around weekly top.
Easing bearish bias of MACD, 100-DMA challenges sellers.
Monthly falling trend line offers extra hurdle for the bulls to tackle.

Anil Panchal FXStreet

WTI crude oil prices fade the early Asian gains, easing to $78.23 ahead of Thursday’s European session.

The black gold posted its first daily loss of the week the previous day following its failures to cross the 50-DMA hurdle. Even so, the MACD conditions hint at further challenges for the oil sellers.

Also challenging the oil prices is the latest swing low, also the monthly trough, surrounding $74.65, as well as the 100-DMA level of $74.00.

It’s worth noting that a horizontal area comprising multiple levels marked in September around $72.90 becomes important for WTI sellers to watch for confirmation.

Meanwhile, a daily closing past 50-DMA level of $78.75 will aim for a one-month-old resistance line near $80.50.

Following that the monthly peak near $84.00 and the recently flashed multi-month high around $85.00 will be in focus.

Overall, WTI crude oil prices remain lackluster but the bears seem running out of steam of late.

WTI: Daily chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	78.24
Today Daily Change	0.17
Today Daily Change %	0.22%
Today daily open	78.07

Trends
Daily SMA20	79.85
Daily SMA50	78.64
Daily SMA100	73.98
Daily SMA200	69.6

Levels
Previous Daily High	79.02
Previous Daily Low	77.82
Previous Weekly High	80.67
Previous Weekly Low	75
Previous Monthly High	84.98
Previous Monthly Low	74.06
Daily Fibonacci 38.2%	78.28
Daily Fibonacci 61.8%	78.56
Daily Pivot Point S1	77.58
Daily Pivot Point S2	77.1
Daily Pivot Point S3	76.38
Daily Pivot Point R1	78.79
Daily Pivot Point R2	79.51
Daily Pivot Point R3	79.99

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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