WTI Price Analysis: Bears break $46.00 to refresh 13-month low, focus on $44.50

WTI bears keep dominating near the lowest level since early-January 2019.
Failures to register pullback, a sustained trading below the initial monthly bottom keeps sellers hopeful.

Anil Panchal FXStreet

WTI drops to $45.86, down 1.92%, during the early Friday. In doing so, the oil benchmark tests the lowest since January 02, 2019.

Given the quote’s sustained trading below near-term key resistances, coupled with failures to bounce, keep bears directed towards the lows marked during 2019 as well as December 27, 2018, around $44.50.

Should energy bears fail to ignore oversold RSI conditions and dominate below $44.50, December 2018 bottom close to $42.50/45 will be on their radar.

Meanwhile, bulls are less likely to enter below February 05 low of $49.44, a break of which could push oil prices towards 61.8% Fibonacci retracement of the upside between December 2018 and April 2019, around $51.65.

WTI daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	45.86
Today Daily Change	-0.93
Today Daily Change %	-1.99%
Today daily open	46.79

Trends
Daily SMA20	51.12
Daily SMA50	55.78
Daily SMA100	56.22
Daily SMA200	56.15

Levels
Previous Daily High	48.81
Previous Daily Low	45.96
Previous Weekly High	54.69
Previous Weekly Low	51.18
Previous Monthly High	65.45
Previous Monthly Low	51.05
Daily Fibonacci 38.2%	47.05
Daily Fibonacci 61.8%	47.72
Daily Pivot Point S1	45.57
Daily Pivot Point S2	44.34
Daily Pivot Point S3	42.73
Daily Pivot Point R1	48.41
Daily Pivot Point R2	50.03
Daily Pivot Point R3	51.25

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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