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.

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