WTI Price Analysis: Bulls step back from 50-DMA around monthly top

WTI consolidates the biggest daily gains in three week to ease from one-month high.
Bullish MACD signals, sustained trading beyond 100-DMA favor buyers.
Two-month-old resistance line challenge further upside, bears need validation from $72.80.

Anil Panchal FXStreet

WTI crude oil, also known as US oil, seesaws around monthly high, down 0.15% intraday near $75.55 during Tuesday’s Asian.

In doing so, the black gold eases from the 50-DMA after rising the most since December 06 the previous day.

Even so, firmer MACD signals and a clear upside break of the 100-DMA keep WTI bulls hopeful to overcome the $76.00 immediate hurdle.

Following that, a descending trend line from October 25, around $77.80, will be in focus as it holds the gate for the commodity’s further rally targeting the yearly top marked in November around $85.00.

Meanwhile, pullback moves may aim for the 100-DMA level of $74.00 and horizontal support from mid-September near $72.80.

In a case where oil bears break the $72.80 support, the odds of witnessing further downside towards the $70.00 threshold can’t be ruled out.

WTI: Daily chart

Trend: Further upside expected

additional important levels

Overview
Today last price	75.61
Today Daily Change	-0.06
Today Daily Change %	-0.08%
Today daily open	75.67

Trends
Daily SMA20	70.54
Daily SMA50	76.09
Daily SMA100	73.93
Daily SMA200	70.52

Levels
Previous Daily High	75.84
Previous Daily Low	72.46
Previous Weekly High	73.85
Previous Weekly Low	66.1
Previous Monthly High	83.97
Previous Monthly Low	64.32
Daily Fibonacci 38.2%	74.55
Daily Fibonacci 61.8%	73.75
Daily Pivot Point S1	73.47
Daily Pivot Point S2	71.27
Daily Pivot Point S3	70.08
Daily Pivot Point R1	76.86
Daily Pivot Point R2	78.04
Daily Pivot Point R3	80.24

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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