• 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

Today last price 67.64
Today Daily Change 1.47
Today Daily Change % 2.22%
Today daily open 66.17
Daily SMA20 75.42
Daily SMA50 78.15
Daily SMA100 73.68
Daily SMA200 69.85
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



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