WTI Price Analysis: Bulls eye $48.00, recovery moves need validation from 200-HMA

WTI keeps bounce off $47.25, regains 61.8% above Fibonacci retracement.
Recovering RSI, break of immediate resistance favor oil buyers.

Anil Panchal FXStreet

WTI recovers Monday’s losses while picking up the bids around $47.85, up 0.86% intraday, during Tuesday’s Asian session. In doing so, the oil benchmark bounces back beyond the 61.8% Fibonacci retracement of December 23 to January 04 upside while also breaking a downward sloping trend line from the previous day.

Given the RSI recovery backing the upside signals stated above, WTI is likely to overcome the immediate hurdle of 200-HMA, currently near $48.00.

Though, any further upside moves need clear trading beyond December 28 top of $29.00 to target the $50.00 threshold.

Meanwhile, 61.8% Fibonacci retracement near $47.60, the previous resistance line, now support around $47.50 and Monday’s low of $47.25 can entertain short-term sellers during the fresh declines.

Though, November high joins late-December lows near $46.30/20 to challenge WTI’s downside past-$47.25.

WTI hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	47.86
Today Daily Change	0.40
Today Daily Change %	0.84%
Today daily open	47.46

Trends
Daily SMA20	47.7
Daily SMA50	44.11
Daily SMA100	42.32
Daily SMA200	38.1

Levels
Previous Daily High	49.89
Previous Daily Low	47.26
Previous Weekly High	49
Previous Weekly Low	47.57
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	48.26
Daily Fibonacci 61.8%	48.89
Daily Pivot Point S1	46.51
Daily Pivot Point S2	45.57
Daily Pivot Point S3	43.88
Daily Pivot Point R1	49.15
Daily Pivot Point R2	50.84
Daily Pivot Point R3	51.78

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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