• WTI refreshes intraday high to consolidate losses marked during the last five weeks.
  • Bearish MACD also challenges the buyers, 10-DMA, 200-DMA act as additional upside filters.
  • Sellers remain away beyond an ascending support line from late March.

WTI takes the bids around $67.80, up 2.45% intraday during Monday’s Asian session. In doing so, the US oil benchmark reverses the previous day’s losses while keeping the bounce off an upward sloping support line from March 23.

However, bearish MACD signals and a weekly descending trend line near $68.25 challenge the energy bulls.

Even if the quote rises past $68.25, the 200-DMA and the 10-DMA, respectively around $69.90 and $70.45, will challenge the WTI buyers.

In a case where the oil prices rally beyond $70.45, the late November’s swing low near $74.65 will be in focus.

Alternatively, the stated support line from March, around $64.70, becomes the key level to watch for WTI bear’s entry.

Following that, the recent trough of $62.34 and August month’s low near $61.80 can probe the downside targeting March’s low near $57.25.

WTI: Daily chart

Trend: Pullback expected

Additional important levles

Overview
Today last price 67.64
Today Daily Change 1.47
Today Daily Change % 2.22%
Today daily open 66.17
 
Trends
Daily SMA20 75.42
Daily SMA50 78.15
Daily SMA100 73.68
Daily SMA200 69.85
 
Levels
Previous Daily High 69.06
Previous Daily Low 65.52
Previous Weekly High 72.75
Previous Weekly Low 62.34
Previous Monthly High 83.97
Previous Monthly Low 64.32
Daily Fibonacci 38.2% 66.87
Daily Fibonacci 61.8% 67.71
Daily Pivot Point S1 64.77
Daily Pivot Point S2 63.37
Daily Pivot Point S3 61.22
Daily Pivot Point R1 68.31
Daily Pivot Point R2 70.46
Daily Pivot Point R3 71.86

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats to 1.0700 as investors assess US data

EUR/USD retreats to 1.0700 as investors assess US data

EUR/USD has lost its bullish momentum and retreated to the 1.0700 area in the early American session. The data from the US showed that the economy contracted at an annualized rate of 1.5% in the first quarter and Initial Jobless Claims declined to 210,000 last week.

EUR/USD News

GBP/USD erases daily gains, trades below 1.2600

GBP/USD erases daily gains, trades below 1.2600

GBP/USD has reversed its direction and retreated below 1.2600 in the early American session with the dollar staging a rebound after US data. UK Finance Minister Sunak announced on Thursday that they will be providing support to low-income households.

GBP/USD News

Gold bears eye $1,838 and $1,836 as next downside targets

Gold bears eye $1,838 and $1,836 as next downside targets

Gold Price is feeling the pull of gravity after less hawkish FOMC minutes released on Wednesday offered a brief reprieve to XAU bulls. Gold is extending the retreat from two-week highs of $1,870, as the US dollar clings onto minor recovery gains amid a cautious risk environment.

Gold News

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures