WTI Price Analysis: Buyers keep the reins above $45.80

WTI struggles to keep $46.00 amid a choppy session.
An eight-day-old previous resistance line, ascending support line from Wednesday restricts immediate downside.
March high lures the bulls ahead of early-February lows.

Anil Panchal FXStreet

WTI eases to $46.17 during early Monday. The energy benchmark crosses the short-term resistance line on Friday but failed to rise beyond $46.75.

Even so, a confluence of the stated resistance, now support, coupled three-day-long rising trend line, around $45.80, limits the quote’s immediate downside.

Also favoring the odds of the black gold’s further upside is the upbeat RSI condition as well as sustained trading beyond 100-HMA.

As a result, WTI bulls targeting March 202 peak surrounding $48.75 are looking for a clear break above the latest high of $46.75.

Alternatively, a downside break below $45.80 can take rest on the monthly support line near $44.40 while the 100-HMA level of $43.70 can please the oil bears afterward.

WTI hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	46.17
Today Daily Change	0.02
Today Daily Change %	0.04
Today daily open	46.15

Trends
Daily SMA20	43.31
Daily SMA50	40.97
Daily SMA100	41.08
Daily SMA200	36.67

Levels
Previous Daily High	46.76
Previous Daily Low	45.67
Previous Weekly High	46.76
Previous Weekly Low	44.01
Previous Monthly High	46.31
Previous Monthly Low	33.85
Daily Fibonacci 38.2%	46.34
Daily Fibonacci 61.8%	46.09
Daily Pivot Point S1	45.63
Daily Pivot Point S2	45.11
Daily Pivot Point S3	44.55
Daily Pivot Point R1	46.71
Daily Pivot Point R2	47.27
Daily Pivot Point R3	47.79

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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