WTI Price Analysis: Bulls consolidate below 50-day SMA near $69.60

WTI pares its previous day’s gains and books fresh losses on Thursday.
Bulls consolidate near the $69.00 level making it a crucial level to trade.
Momentum oscillator holds onto the oversold zone with bullish crossover.

Rekha Chauhan Independent Analyst

WTI prices rose on Wednesday after three days of continuous fall but failed to preserve the strength and surrenders some of their gains in Thursday's Asian session.

At the time of writing, WTI is trading at $69.13, down 0.05% for the day.

WTI daily chart

On the daily chart, WTI remains under pressure below 50-day Simple Moving Average (SMA) at 70.05 since September 2.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. Any downtick in the MACD could further correct the prices toward the 23.6% Fibonacci retracement level, which extends from the low of $61.79 at $68.24.

Next, bears would aim at the September 1 low at $67.01.

If prices closed below the mentioned level, then it would find support at the 50.0% Fibonacci retracement level at $65.97

Alternatively, if prices are able to push above 50-day SMA, then the first upside target for the bulls would appear at $70.00.

Next, WTI would attempt to meet the high made on August 3 at $71.57.

A daily close above the mentioned level would further encourage WTI bulls to recapture the $72.50 horizontal resistance level.

WTI additional levels

WTI

Overview
Today last price	69.06
Today Daily Change	-0.13
Today Daily Change %	-0.19
Today daily open	69.19

Trends
Daily SMA20	67.35
Daily SMA50	69.71
Daily SMA100	68.6
Daily SMA200	62.29

Levels
Previous Daily High	69.56
Previous Daily Low	68.14
Previous Weekly High	70.44
Previous Weekly Low	67.02
Previous Monthly High	73.54
Previous Monthly Low	61.73
Daily Fibonacci 38.2%	69.02
Daily Fibonacci 61.8%	68.68
Daily Pivot Point S1	68.37
Daily Pivot Point S2	67.55
Daily Pivot Point S3	66.95
Daily Pivot Point R1	69.78
Daily Pivot Point R2	70.38
Daily Pivot Point R3	71.2

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

GBP/USD bounces off lows, back above 1.3200

After bottoming out near 1.3160, GBP/USD manages to regain a bit of shine and reclaim the 1.3200 mark and beyond at the end of the week. Stronger-than-expected UK Retail Sales data seem to be helping the British Pound limit its losses, while the chaotic UK political environment keeps the bulls at bay for now.

EUR/USD looks consolidative around 1.1460

EUR/USD stages a modest rebound after slipping to a three-month low below 1.1420 at the end of the week. That said, the pair now looks to consolidate humble gains just above 1.1460 despite growing uncertainty surrounding the next round of US-Iran negotiations, which keeps the US Dollar’s downside contained.

Gold remains vulnerable, targets $4,100

Gold retreats for the fourth consecutive day on Monday, targeting the key $4,100 mark per troy ounce. The precious metal continues to face headwinds from the Fed's hawkish stance and renewed uncertainty surrounding the US-Iran negotiations.

Breaking: Iran closes the Strait of Hormuz amid ceasefire deal violation

Iran says it is closing the Strait of Hormuz after accusing the United States (US) and Israel of violating the ceasefire. According to Iran, the decision came over the continued Israeli strikes in Lebanon. The Iranian Revolutionary Guard Corps Navy issued a warning to all vessels: "Do not approach the Strait of Hormuz; otherwise, your security will be jeopardized."

The Iran war didn't break the US economy, but what happens next?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.