WTI Price Analysis: Drops further below 100/50-day EMA confluence towards $38.00


  • WTI extends pullback from the monthly high of $39.55.
  • Early-October lows lure the bears, the falling trend line from August 26 adds to the upside barriers.

WTI drops to $38.73, down 0.91% intraday, during early Friday. The black gold surged to the highest since October 27 the previous day, before taking a U-turn from a join of 50-day and 100-day EMAs.

Considering the downbeat conditions of MACD histogram, coupled with the sustained reversal from the key EMAs, oil sellers are likely targeting the October 02 low of $36.79 during the further declines.

However, the $38.00 threshold can offer intermediate support whereas September’s bottom surrounding $36.40 acts as an extra downside filter.

On the flip side, a daily closing beyond the $39.50 resistance confluence will be challenged by the $40.00 psychological magnet.

If at all the commodity buyers manage to cross $40.00 on the daily closing, a multi-day-old resistance line, at $41.30, will raise bars for the quote’s further upside.

WTI daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 38.41
Today Daily Change -0.32
Today Daily Change % -0.83%
Today daily open 38.73
 
Trends
Daily SMA20 39.4
Daily SMA50 39.7
Daily SMA100 40.46
Daily SMA200 37.56
 
Levels
Previous Daily High 39.55
Previous Daily Low 38.48
Previous Weekly High 39.93
Previous Weekly Low 35.08
Previous Monthly High 41.93
Previous Monthly Low 35.08
Daily Fibonacci 38.2% 38.89
Daily Fibonacci 61.8% 39.14
Daily Pivot Point S1 38.29
Daily Pivot Point S2 37.85
Daily Pivot Point S3 37.22
Daily Pivot Point R1 39.36
Daily Pivot Point R2 39.99
Daily Pivot Point R3 40.43

 

 

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