WTI Price Analysis: Clings to 200-bar SMA around $40.00 in Asia

WTI struggles to extend recovery moves from $39.48.
Falling trend line from September 04 also challenges the oil bulls.
Five-week-old horizontal support will lure bears below the $39.00 threshold.

Anil Panchal FXStreet

WTI picks up bids near $40.23 while heading into Thursday’s European session. In doing so, the black gold confronts 200-bar SMA after its positive performance on Wednesday.

While normal RSI conditions and risk-on mood favors the commodity to cross the immediate upside hurdle near $40.25, it’s further advances will be tamed by a falling trend line from the early September, currently around $40.95.

During the quote’s break past-$40.95, the $41.00 round-figure and September 18 top close to $41.45 can entertain the oil buyers.

On the contrary, a downside break of yesterday’s low of $39.48 can quickly direct WTI sellers toward a horizontal region between $38.70 and $38.80 that comprises multiple technical levels since September 04.

Also acting as the key support will be the monthly low of $36.79 and the September month’s bottom surrounding $36.40.

WTI four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	40.22
Today Daily Change	-0.01
Today Daily Change %	-0.02%
Today daily open	40.23

Trends
Daily SMA20	39.45
Daily SMA50	40.88
Daily SMA100	39.82
Daily SMA200	39.57

Levels
Previous Daily High	40.52
Previous Daily Low	39.48
Previous Weekly High	40.88
Previous Weekly Low	36.8
Previous Monthly High	43.56
Previous Monthly Low	36.43
Daily Fibonacci 38.2%	40.13
Daily Fibonacci 61.8%	39.88
Daily Pivot Point S1	39.63
Daily Pivot Point S2	39.03
Daily Pivot Point S3	38.59
Daily Pivot Point R1	40.68
Daily Pivot Point R2	41.12
Daily Pivot Point R3	41.72

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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