- 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
|Today last price||71.45|
|Today Daily Change||-0.10|
|Today Daily Change %||-0.14%|
|Today daily open||71.55|
|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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