WTI Price Analysis: Consolidates gains below $70.00 inside fortnight-old rising channel


  • 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

Trend: Bullish

Additional important levels

Overview
Today last price 69.33
Today Daily Change -0.30
Today Daily Change % -0.43%
Today daily open 69.63
 
Trends
Daily SMA20 66.56
Daily SMA50 64.14
Daily SMA100 61.81
Daily SMA200 52.57
 
Levels
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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