- WTI consolidates the biggest daily gains in five weeks around November tops.
- Clear break of 11-week-old trend line keep buyers on the table.
- 100-DMA adds to the downside filters, bulls eye 2021 peak.
WTI crude oil prices retreat from a multi-day high, down 0.25% intraday to $80.70 heading into Wednesday’s European session. In doing so, the black gold pares the biggest daily jump since early December.
However, the pullback moves remain elusive as the quote keeps the previous day’s upside break of a descending resistance line from October 25, now support around $78.60.
Even if the quote declines below $78.60, the 100-SMA level of $75.25 and 23.6% Fibonacci retracement of November 2020 to October 2021 upside, near $72.80 will challenge the WTI bears before directing them to the 10-month-long support line near $66.25.
Meanwhile, the year 2021 top $85.00 surrounding is likely on the WTI bulls radar, a break of which will direct the latest run-up towards the $90.00 psychological magnet.
In a case where WTI buyers remain dominant past $90.00, lows marked during January 2014 around $91.30 may test the advances.
WTI: Daily chart
Trend: Further upside expected
Additional important levels
|Today last price||80.69|
|Today Daily Change||-0.23|
|Today Daily Change %||-0.28%|
|Today daily open||80.92|
|Previous Daily High||81.04|
|Previous Daily Low||77.89|
|Previous Weekly High||79.97|
|Previous Weekly Low||74.12|
|Previous Monthly High||77.26|
|Previous Monthly Low||62.34|
|Daily Fibonacci 38.2%||79.84|
|Daily Fibonacci 61.8%||79.1|
|Daily Pivot Point S1||78.86|
|Daily Pivot Point S2||76.8|
|Daily Pivot Point S3||75.71|
|Daily Pivot Point R1||82.01|
|Daily Pivot Point R2||83.1|
|Daily Pivot Point R3||85.16|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.