WTI Price Analysis: Bears remain hopeful below 13-day-old resistance


  • WTI bounces off intraday low, reverses two-week downtrend.
  • Key SMAs guard short-term upside, if not overbought RSI and resistance line stay ready to challenge bulls.
  • Sellers need to conquer two-week-old horizontal support for conviction.

WTI licks its wounds around $71.49, down -0.10% on bouncing off daily low, ahead of Friday’s European session.

The energy benchmark keeps an upside break of a short-term horizontal hurdle but stays below the 100 and 200 SMAs. Also challenging the black gold’s short-term advances could be the nearly overbought RSI conditions and a downward sloping trend line from July 06.

Hence, the bulls need a strong push to the north to pierce through the tough hurdle, else the pullback becomes easier.

In doing so, a horizontal area comprising multiple lows marked since July 08, around $70.30, followed by Thursday’s swing low near $69.60, could test WTI bears.

If at all the oil prices remain below $69.60, the $67.40 and the monthly low near $65.00 could return to the chart.

Alternatively, SMA confluence near $72.00–$72.20 guards the quote’s immediate advances ahead of the stated resistance line near $73.00.

Should the WTI bulls keep reins beyond $73.00, the $75.00 and the monthly high near $76.40 will be in focus.

WTI: Four-hour chart

Trend: Pullback expected 

Additional important levels

Overview
Today last price 71.45
Today Daily Change -0.10
Today Daily Change % -0.14%
Today daily open 71.55
 
Trends
Daily SMA20 72.34
Daily SMA50 70.07
Daily SMA100 66.35
Daily SMA200 57.6
 
Levels
Previous Daily High 71.86
Previous Daily Low 69.7
Previous Weekly High 74.95
Previous Weekly Low 70.14
Previous Monthly High 74.17
Previous Monthly Low 66.78
Daily Fibonacci 38.2% 71.04
Daily Fibonacci 61.8% 70.52
Daily Pivot Point S1 70.21
Daily Pivot Point S2 68.87
Daily Pivot Point S3 68.04
Daily Pivot Point R1 72.38
Daily Pivot Point R2 73.21
Daily Pivot Point R3 74.55

 

 

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