WTI Price Analysis: Bulls attack four-month-old resistance line to regain $50.00

WTI prints mild gains after refreshing the highest level since late February 2020.
Overbought RSI, key upside hurdle challenge bulls, sellers await entries below 21-day EMA.

Anil Panchal FXStreet

Having recently refreshed a 10-month-high with $50.30, WTI takes rounds $50.20, up 0.36% intraday, during early Wednesday. In doing so, the oil benchmark confronts an upward sloping trend line from August 26, 2020, amid overbought RSI.

Considering the strong resistance line and RSI conditions, WTI is likely to witness pullback moves towards the December high of $49.43 for a short-term. However, any further downside will be tested by 21-day EMA near $47.80.

Should oil sellers sneak in below $47.80, highs marked in November and August, respectively around $46.30 and $43.85, will be in the spotlight.

On the contrary, the commodity’s upside break of the immediate resistance line, at $50.35, will direct the WTI bulls to October 2019 low near $51.00.

Also acting as the key resistance is an ascending trend line from November 25, at $51.85 now, a break of which can challenge the February 2020 peak surrounding $54.70.

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	50.19
Today Daily Change	0.16
Today Daily Change %	0.32%
Today daily open	50.03

Trends
Daily SMA20	47.91
Daily SMA50	44.33
Daily SMA100	42.39
Daily SMA200	38.24

Levels
Previous Daily High	50.24
Previous Daily Low	47.33
Previous Weekly High	49
Previous Weekly Low	47.57
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	49.13
Daily Fibonacci 61.8%	48.44
Daily Pivot Point S1	48.16
Daily Pivot Point S2	46.29
Daily Pivot Point S3	45.25
Daily Pivot Point R1	51.07
Daily Pivot Point R2	52.11
Daily Pivot Point R3	53.98

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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