WTI Price Analysis: Bulls consolidate below $70.00 mark


  • WTI edges lower on Friday in the Asian session
  • Double top formation ignites some corrective pullback.
  • Momentum oscillator remains comfortable in the positive zone.

The US crude oil pares some gains on the last trading day of the week on Friday. The prices stick around the $70 level after touching the YTD high at $70.50 in the previous session.

At the time of writing, WTI trades at 69.97, down 0.18% for the day.

WTI daily chart

On the 4-hour chart, WTI has formed a double top formation near the $70.50 mark, a bearish reversal formation. The formation induced some selling pressure and prices corrected to $68.50 in the spur of the moment. However, crude oil recovered swiftly to claim back the $70 key psychological mark.

If WTI slips below the session’s low at $69.84 then it could retest the 20-hour Simple Moving Average (SMA) at $69.64 followed by the horizontal resistance level at $69.25.

The Relative Strength Index( RSI) indicator reads at 57, which indicates the underlying bullish momentum. Any downtick in the  RSI would further intensify the selling pressure toward the low of June 8 at $68.35.

Alternatively, if prices sustain above the intraday high, then it could move back to the $70.25 horizontal resistance level followed by the previous day’s high at $70.50.

WTI bulls would then likely march in the direction of the levels last seen in May 2018 at the high of 72.85.

WTI additional level

WTI

Overview
Today last price 69.96
Today Daily Change 0.03
Today Daily Change % 0.04
Today daily open 69.93
 
Trends
Daily SMA20 66.87
Daily SMA50 64.35
Daily SMA100 61.98
Daily SMA200 52.71
 
Levels
Previous Daily High 70.5
Previous Daily Low 68.56
Previous Weekly High 69.61
Previous Weekly Low 66.31
Previous Monthly High 67.42
Previous Monthly Low 61.53
Daily Fibonacci 38.2% 69.76
Daily Fibonacci 61.8% 69.3
Daily Pivot Point S1 68.83
Daily Pivot Point S2 67.72
Daily Pivot Point S3 66.88
Daily Pivot Point R1 70.77
Daily Pivot Point R2 71.61
Daily Pivot Point R3 72.71

 


 

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