WTI Price Analysis: Consolidates losses above $39.00, no-entry for bulls yet

WTI attempts recovery moves from intraday low of $39.33.
In the 4-hour chart, 50-bar SMA offers immediate support, 200-bar SMA guards upside moves.
Two-week-old ascending trend line, Friday’s top add filters to the momentum.

Anil Panchal FXStreet

WTI picks up bids near $39.57 during the pre-European trading on Wednesday. Though, the black gold still drops 0.55% intraday by the press time.

While in the 4-hour chart the 50-bar SMA restricts the energy benchmark’s short-term declines, recovery moves are tamed by 23.6% Fibonacci retracement of September 08-18 upside and the 200-bar SMA.

Considering the latest pullback moves, WTI oil prices are likely to trim additional losses by challenging the 23.6% Fibonacci retracement level of $40.51. However, $40.00 may offer an intermediate halt during the rise.

Further to question buyers are the 200-bar SMA level of $41.23 and Friday’s top near $41.75.

Alternatively, the September 09 high of $38.68 can be tested on the break of $39.46 level, comprising immediate SMA support.

Also questioning the WTI weakness will be an upward sloping trend line from the early-month lows, at $38.00 now.

WTI four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	39.54
Today Daily Change	-0.25
Today Daily Change %	-0.63%
Today daily open	39.79

Trends
Daily SMA20	40.34
Daily SMA50	41.25
Daily SMA100	38.55
Daily SMA200	40.74

Levels
Previous Daily High	40.31
Previous Daily Low	39.24
Previous Weekly High	41.75
Previous Weekly Low	37.08
Previous Monthly High	43.86
Previous Monthly Low	39.75
Daily Fibonacci 38.2%	39.65
Daily Fibonacci 61.8%	39.9
Daily Pivot Point S1	39.25
Daily Pivot Point S2	38.71
Daily Pivot Point S3	38.19
Daily Pivot Point R1	40.32
Daily Pivot Point R2	40.85
Daily Pivot Point R3	41.39

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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