WTI Price Analysis: Bearish spinning top below 200-day SMA keeps sellers hopeful under $43.00


  • WTI seesaws near intraday low of $42.50 after marking fifth failure to cross 200-day SMA.
  • Bearish candlestick formation highlights a two-week-old support line.
  • The monthly high, $44.00 add to the upside barriers.

WTI remains pressured near $42.50, currently down 0.15% on a day, during the early Friday. The energy benchmark extends the previous day’s downbeat performance after flashing another U-turn from the key SMA level.

In doing so, the resulted bearish candlestick directs sellers towards an ascending trend line from July 30, at $42.30.

However, the black gold’s further downside becomes doubtful amid upbeat RSI conditions, which if ignored could propel the south-run towards $40.80 and the monthly low near $39.75.

Alternatively, the commodity’s sustained break of 200-day SMA, $42.85, will have to refresh the monthly high of $43.62 before targeting the February month peak surrounding $44.00.

If at all the bulls remain dominant past-$44.00, March month’s high of $48.74 will be in the spotlight.

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 42.53
Today Daily Change -0.06
Today Daily Change % -0.14%
Today daily open 42.59
 
Trends
Daily SMA20 41.55
Daily SMA50 40.25
Daily SMA100 33.52
Daily SMA200 43.04
 
Levels
Previous Daily High 43.08
Previous Daily Low 42.34
Previous Weekly High 43.62
Previous Weekly Low 39.75
Previous Monthly High 42.52
Previous Monthly Low 38.73
Daily Fibonacci 38.2% 42.62
Daily Fibonacci 61.8% 42.8
Daily Pivot Point S1 42.26
Daily Pivot Point S2 41.94
Daily Pivot Point S3 41.53
Daily Pivot Point R1 43
Daily Pivot Point R2 43.4
Daily Pivot Point R3 43.73

 

 

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