WTI Price Analysis: Bulls battle the key Fibonacci Retracement on the way to $64.00


  • WTI stays firmer while keeping the bounce off previous resistance line.
  • Receding bearish bias of MACD, sustained trading beyond 200-SMA favor bulls.

WTI prints mild gains while picking up bids near $63.60 during Tuesday’s Asian session. The energy benchmark bounced off an ascending support line, previous resistance, from March 22 the previous day.

In doing so, the quote remains above 200-SMA amid the receding bearish bias of MACD signals.

However, a clear break above 61.8% Fibonacci retracement of March 08-23 downside, around $63.80 tests the WTI bulls off-late.

It’s worth mentioning that the black gold’s ability to stay past $63.80 needs validation from the $64.00 threshold before eyeing the March 17 top near $65.40 and the mid-March peak surrounding $66.45.

Meanwhile, pullback moves below the stated support line near $62.70 may dwindle around 50% Fibonacci retracement level of $62.55 and 200-SMA, around 62.00 by the press time.

Overall, WTI is on the bullish trajectory towards the previous month’s top near $67.85.

WTI four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 63.57
Today Daily Change 0.04
Today Daily Change % 0.06%
Today daily open 63.53
 
Trends
Daily SMA20 60.56
Daily SMA50 61.34
Daily SMA100 55.65
Daily SMA200 48.24
 
Levels
Previous Daily High 63.68
Previous Daily Low 62.67
Previous Weekly High 63.93
Previous Weekly Low 58.77
Previous Monthly High 67.87
Previous Monthly Low 57.27
Daily Fibonacci 38.2% 63.3
Daily Fibonacci 61.8% 63.06
Daily Pivot Point S1 62.9
Daily Pivot Point S2 62.28
Daily Pivot Point S3 61.89
Daily Pivot Point R1 63.92
Daily Pivot Point R2 64.31
Daily Pivot Point R3 64.93

 

 

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