WTI Price Analysis: Bulls flirt with $48.00 as 100-HMA restricts immediate downside

WTI holds wavers around intraday high while flashing mild gains.
Strong RSI, likely shift in MACD signals also favor energy buyers above short-term key moving average.
$49.00 holds the key to monthly high during the further run-up.

Anil Panchal FXStreet

WTI prints 0.55% gains while taking rounds to $48.00 ahead of Tuesday’s European session. In doing so, the energy benchmark keeps 100-HMA as the key support while respecting signals from RSI and the MACD.

That said, the black gold currently aims 61.8% Fibonacci retracement of its December 18-23 downturn, around $48.20, a break of which will propel the quote towards the weekly high, as well as multiple lows marked on December 18, near $49.00.

If at all the commodity bulls manage to cross the $49.00 threshold, the monthly peak and early February lows near $49.40/45 hold the keys to the further upside towards the $50.00 round-figure.

Meanwhile, a downside break of 100-HMA, currently near $47.70, can have $47.50/55 as an intermediate before eyeing the $47.00 support.

In a case where the oil sellers keep reins past-$47.00, $46.60 and the December 23 bottom surrounding $46.20 can return to the chart ahead of highlighting the monthly low near $44.00.

WTI hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	48
Today Daily Change	0.26
Today Daily Change %	0.54%
Today daily open	47.74

Trends
Daily SMA20	47.04
Daily SMA50	43.3
Daily SMA100	42.04
Daily SMA200	37.51

Levels
Previous Daily High	49
Previous Daily Low	47.57
Previous Weekly High	49.26
Previous Weekly Low	46.19
Previous Monthly High	46.31
Previous Monthly Low	33.85
Daily Fibonacci 38.2%	48.12
Daily Fibonacci 61.8%	48.45
Daily Pivot Point S1	47.2
Daily Pivot Point S2	46.66
Daily Pivot Point S3	45.76
Daily Pivot Point R1	48.64
Daily Pivot Point R2	49.54
Daily Pivot Point R3	50.08

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.

AUD/USD stays defensive below 0.7150 after Chinese data

AUD/USD remains on the back foot below 0.7150 in the Asian session on Tuesday, close to an over three-week low touched the previous day. US bond yields hold near multi-year highs ahead of the FOMC meeting and oil-driven inflation risks, supporting the US Dollar and weighing on the currency pair. Mixed Chinese activity data for August also fail to inspire the Aussie.

USD/JPY extends gains toward 155.00 amid USD resurgence

USD/JPY keeps pushing higher toward 155.00 early Tuesday, looking for more upside, as traders await the FOMC and BoJ meetings this week. Meanwhile, Fed rate-hike bets and oil-driven inflation risks keep US bond yields near multi-year highs, supporting the US Dollar and the pair. That said, a more hawkish repricing of the BoJ normalization path might continue to underpin the Japanese Yen and could limit USD/JPY's upside. .

Gold struggles near multi‑week low as Fed hike bets and geopolitical risks boost USD

Gold drifts lower for the second straight day, and trades around the $4,265-$4,264 region, down 0.80% during the first half of the European session on Tuesday. The commodity remains within striking distance of an over one-month low, which it touched on Monday, as traders keenly await the crucial two-day FOMC policy meeting, starting later today.

Dogecoin clings to EMA support as recovery lacks conviction

Dogecoin (DOGE) hovers around $0.083 at the time of writing on Tuesday after finding support around the key support zone the previous day. Quiet institutional demand, along with mixed derivatives positioning, suggests fading interest in the dog-themed meme coin.

Markets slide as FOMC approaches

The US Dollar remains strong as markets turn increasingly cautious ahead of the FOMC. Stocks are tumbling, while Gold and Silver are moving lower under pressure from the stronger Dollar. The Japanese Yen is weaker again, while Crypto is correcting. BTC is approaching a key technical test and could fall below its 50-week moving average, while ETH remains above $2,405.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.