WTI Price Analysis: Bulls eye $100.00 on breaking 50/200 DMAs


  • WTI bulls take a breather around monthly top after running the most in six weeks.
  • Bullish MACD signals, clear break of the key DMAs favor buyers.
  • Previous resistance line adds to the downside filters.
  • 38.2% Fibonacci retracement level, late July peak lure buyers.

WTI crude oil prices remain sidelined at around $96.50, after rising the most in 1.5 months the previous day. In doing so, the black gold seesaws around the monthly high while keeping the previous day’s upside break of the 50-DMA and the 200-DMA.

The upside bias also takes clues from the bullish MACD signals and the quote’s ability to rebound from the resistance-turned-support line from early July on Friday.

That said, the 38.2% Fibonacci retracement of the energy benchmark’s downtrend from June, near $99.10, seems to lure the intraday buyers ahead of the $100.00 threshold.

However, late July’s swing high around $101.00 and the 50% Fibonacci retracement level of $103.35 could challenge the WTI buyers afterward.

On the contrary, the 50-DMA support of $96.20 could challenge the immediate pullback moves ahead of the 200-DMA, close to $95.15 at the latest.

Following that, the previous resistance line from July 08, near $90.30 at the latest, will be important to watch for the WTI bear’s entry.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 96.4
Today Daily Change 3.62
Today Daily Change % 3.90%
Today daily open 92.78
 
Trends
Daily SMA20 90.74
Daily SMA50 96.75
Daily SMA100 102.63
Daily SMA200 94.98
 
Levels
Previous Daily High 93.88
Previous Daily Low 90.96
Previous Weekly High 95.61
Previous Weekly Low 86.26
Previous Monthly High 109.54
Previous Monthly Low 88.34
Daily Fibonacci 38.2% 92.07
Daily Fibonacci 61.8% 92.76
Daily Pivot Point S1 91.2
Daily Pivot Point S2 89.62
Daily Pivot Point S3 88.27
Daily Pivot Point R1 94.12
Daily Pivot Point R2 95.46
Daily Pivot Point R3 97.04

 

 

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