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.

Dhwani Mehta FXStreet

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

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

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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