WTI Price Analysis: Bounces off 200-HMA, weekly support towards regaining $65.00

WTI trims early Asian losses during a corrective pullback from key moving average.
Immediate falling trend line probes oil buyers before key Fibonacci retracement levels.
Bears need fresh monthly low for conviction, RSI favors sustained trading above 200-HMA.

Anil Panchal FXStreet

WTI eyes recovery pushing back the oil bears during the three-day downtrend on early Tuesday. In doing so, the black gold jumps off 200-HMA to print $64.90, down 0.60% intraday, by the press time.

Given the quote’s U-turn from the key HMA, as well as upbeat RSI conditions, the energy benchmark is up for further trimming of losses towards a downward sloping trend line from Monday, currently around $65.25.

However, any further upside beyond the stated resistance line will be tested by 50% and 61.8% Fibonacci retracements of the quote’s March 08-10 fall, respectively near $65.50 and $66.05.

Even if the oil bulls manage to cross $66.05, a clear break of the weekly top close to $66.40 will be needed to confirm the commodity’s further upside.

Alternatively, a sustained break of 200-HMA, at $64.80 now, will have to break the one-week-old support line figure of $64.40, to back the WTI sellers.

Overall, WTI consolidates recent gains but the trend stays bullish till the quote stays above the monthly low of $63.11.

WTI hourly chart

Trend: Bullish

additional important levels

Overview
Today last price	64.91
Today Daily Change	-0.40
Today Daily Change %	-0.61%
Today daily open	65.31

Trends
Daily SMA20	62.67
Daily SMA50	57.52
Daily SMA100	50.82
Daily SMA200	45.64

Levels
Previous Daily High	66.43
Previous Daily Low	64.21
Previous Weekly High	67.87
Previous Weekly Low	63.11
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	65.06
Daily Fibonacci 61.8%	65.58
Daily Pivot Point S1	64.2
Daily Pivot Point S2	63.09
Daily Pivot Point S3	61.97
Daily Pivot Point R1	66.42
Daily Pivot Point R2	67.54
Daily Pivot Point R3	68.65

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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