WTI Price Analysis: Bulls again aim to cross $41.50 key resistance


  • WTI buyers attack upper line of a seven-day-old symmetrical triangle.
  • Sustained trading beyond 200-bar SMA, normal RSI favor buyers.
  • A two-day-long rising trend line offers immediate support.

WTI prints mild gains of 0.50% while trading near $41.25 ahead of Monday’s Tokyo open. In doing so, the energy benchmark again tries to provide a bullish breakout to the triangle formation established from October 08.

Considering the normal RSI conditions and the quote’s ability to rise in the last two days, as per the immediate rising trend line, buyers are likely to cross the $41.50 immediate resistance.

Following that, September 04 high near $42.10 holds the key to the commodity’s further upside towards the late-August lows surrounding $43.50.

Alternatively, a downside break of the nearby support line, at $40.78 now, can recall sellers to attack the $39.70-60 support zone comprising 200-bar SMA and the triangle’s support.

In a case where the oil prices slip below $39.60, the $39.00 round-figure and the monthly low near $36.80 could be WTI sellers’ favorites.

WTI four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 41.27
Today Daily Change 0.24
Today Daily Change % 0.58%
Today daily open 41.03
 
Trends
Daily SMA20 40.06
Daily SMA50 40.8
Daily SMA100 40.31
Daily SMA200 38.84
 
Levels
Previous Daily High 41.31
Previous Daily Low 40.36
Previous Weekly High 41.56
Previous Weekly Low 39.31
Previous Monthly High 43.56
Previous Monthly Low 36.43
Daily Fibonacci 38.2% 40.72
Daily Fibonacci 61.8% 40.95
Daily Pivot Point S1 40.49
Daily Pivot Point S2 39.95
Daily Pivot Point S3 39.53
Daily Pivot Point R1 41.44
Daily Pivot Point R2 41.85
Daily Pivot Point R3 42.39

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces from 1.18 after robust German Manufacturing PMI

EUR/USD is trading above 1.18 after German Manufacturing PMI beat estimates. Other PMIs missed expectations. US fiscal stimulus and the election developments are eyed.

EUR/USD News

GBP/USD retreats amid mixed Brexit headlines

GBP/USD has retreated from the highs around 1.31 after UK minister Truss reiterated that the UK could leave without a deal. Ireland´s Coveney expressed more optimism. UK retail sales beat estimates while PMIs were mixed.

GBP/USD News

XAU/USD's reversal from $1,914 contained at $1,895 support area

Gold’s upside attempt witnessed during the Asian and European trading sessions has been halted at $1,914 on the Early US session as market sentiment plunged and the precious metal has dropped to find support at $1,895.

Gold News

Forex Today: Dollar clings to gains after the presidential debate, Bitcoin extends gains, PMIs eyed

The US dollar is holding onto Thursday's recovery, The presidential debate was more civilized than the previous one and post-event opinion polls are awaited. Earlier, hopes for a stimulus bill faded and allowed the dollar to recover. PMIs and COVID-19 statistics stand out on Friday.

Read more

WTI hits one-week low at $39.55 after Baker Hughes’ report

Front-month WTI futures’ reversal from day tops near $41 has extended to one-week lows at $39.55 on Friday after Baker Hughes reported that US oil and gas rigs increased to their highest level since May last week.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures