- WTI holds on to the recent upside while around 50-DMA.
- A daily close above 50-DMA at $41.25 needed to extend the rally.
- RSI remains bullish, $40.75 is critical support.
WTI (futures on Nymex) consolidates the three-winning streak above $41 mark on Friday, as the bulls await a fresh catalyst for the next push higher.
At the momentum, the price has formed a Doji candlestick on the daily chart, suggesting bullish exhaustion after the solid recovery from three-month lows of $36.43 to two-week highs of $41.75.
The bulls need a daily closing above the 50-day Simple Moving Average (DMA) at $41.25 to extend the recovery momentum. The next upside target is aligned at $42.07, the September 4 high.
The 14-day Relative Strength Index (RSI), currently at 54.60, trades flat but remains in the bullish region. Therefore, the additional upside cannot be ruled out in the near-term.
Meanwhile, $40.75 is the level to beat for the bears. The level is the confluence of the downward-sloping 21 and 200-DMAs.
Selling pressure will likely intensify below the latter, which could trigger a fresh sell-off towards the bullish 100-DMA at $38.24.
WTI: Daily chart
WTI: Additional levels
|Today last price||41.31|
|Today Daily Change||0.16|
|Today Daily Change %||0.39|
|Today daily open||41.21|
|Previous Daily High||41.48|
|Previous Daily Low||39.68|
|Previous Weekly High||39.78|
|Previous Weekly Low||36.43|
|Previous Monthly High||43.86|
|Previous Monthly Low||39.75|
|Daily Fibonacci 38.2%||40.79|
|Daily Fibonacci 61.8%||40.37|
|Daily Pivot Point S1||40.1|
|Daily Pivot Point S2||38.99|
|Daily Pivot Point S3||38.29|
|Daily Pivot Point R1||41.9|
|Daily Pivot Point R2||42.6|
|Daily Pivot Point R3||43.71|
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