- WTI bounces off intraday low but stays negative for the second consecutive day.
- Bullish chart pattern, sustained break of monthly hurdle favor buyers.
- Early May tops add to the downside filters.
WTI licks its wounds around $69.30, down 0.43%, ahead of Thursday’s European session. Even so, the black gold remains inside a two-week-long bullish chart pattern, ascending trend channel, amid above 50.00 RSI conditions.
Hence, energy bulls may remain hopeful unless the quote breaks the stated channel’s support line, at $68.90 by the press time.
Although the channel breakdown directs WTI sellers to May 27 low near $65.17, an ascending trend line from May 05, near $67.70, as well the initial May month top close to $66.70, can provide halts to the south-run.
Alternatively, the corrective pullback could aim for a $70.00 threshold before targeting the latest swing high near $70.48.
However, any further upside will be tested by the channel’s resistance line close to $70.70.
WTI four-hour chart
Additional important levels
|Today last price||69.33|
|Today Daily Change||-0.30|
|Today Daily Change %||-0.43%|
|Today daily open||69.63|
|Previous Daily High||70.48|
|Previous Daily Low||69.33|
|Previous Weekly High||69.61|
|Previous Weekly Low||66.31|
|Previous Monthly High||67.42|
|Previous Monthly Low||61.53|
|Daily Fibonacci 38.2%||69.77|
|Daily Fibonacci 61.8%||70.04|
|Daily Pivot Point S1||69.15|
|Daily Pivot Point S2||68.67|
|Daily Pivot Point S3||68|
|Daily Pivot Point R1||70.3|
|Daily Pivot Point R2||70.96|
|Daily Pivot Point R3||71.45|
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