WTI Price Analysis: Clings to 50-DMA above $41, focus on Friday’s close


  • 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

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WTI: Additional levels

WTI

Overview
Today last price 41.31
Today Daily Change 0.16
Today Daily Change % 0.39
Today daily open 41.21
 
Trends
Daily SMA20 40.71
Daily SMA50 41.25
Daily SMA100 38.04
Daily SMA200 41.02
 
Levels
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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