WTI Price Analysis: Battles immediate hurdle above $66 on upbeat China data

WTI pierces one-week-old resistance line as China prints strong Retail Sales, Industrial Production for January.
Strong RSI favors run-up to multi-month top marked last week, 100-HMA, fortnight-long support line test short-term sellers.

Anil Panchal FXStreet

Following the recent uptick to poke immediate key resistance line on China’s upbeat data, WTI wavers around $66.30, up 1.0% intraday, during early Monday. In doing so, the energy benchmark justifies upbeat RSI conditions as well as the quote’s sustained trading above 100-HMA and an ascending support line from March 02.

Read: China’s Jan data dump: Retail Sales and Industrial Output beat estimates

However, a clear break above $66.35 will be necessary for oil bulls before eyeing the highest levels since late 2018 marked during the last week, around $67.85-90.

Also acting as an upside barrier is the October 29, 2018 peak surrounding $68.00.

Meanwhile, pullback moves may eye $65.50 but a confluence of 100-HMA and an ascending support line near $65.00 will be a tough nut to crack for the WTI sellers.

Should there be a clear downside below $65.00, $63.15 and the monthly low around $59.20-15 will gain the market’s attention.

WTI four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	66.33
Today Daily Change	0.67
Today Daily Change %	1.02%
Today daily open	65.66

Trends
Daily SMA20	62.41
Daily SMA50	57.17
Daily SMA100	50.55
Daily SMA200	45.51

Levels
Previous Daily High	66.21
Previous Daily Low	65.4
Previous Weekly High	67.87
Previous Weekly Low	63.11
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	65.71
Daily Fibonacci 61.8%	65.9
Daily Pivot Point S1	65.3
Daily Pivot Point S2	64.95
Daily Pivot Point S3	64.49
Daily Pivot Point R1	66.11
Daily Pivot Point R2	66.57
Daily Pivot Point R3	66.92

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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