WTI Price Analysis: Eases below $56.00 inside short-term rising channel

WTI recedes from intraday high while keeping mild gains.
Bullish chart pattern, sustained trading above key HMAs and strong RSI favor buyers.
Mid-January 2020 low lures the bulls beyond trend channel resistance.

Anil Panchal FXStreet

WTI drops to $55.72 while trimming the initial Asian session gains to +0.17% on a day during early Thursday. Even so, the black gold stays positive for the fourth consecutive day while taking rounds to the highest since late January 2020 levels.

Also portraying the strength of the energy benchmark is the three-day-old rising channel and the quote’s successful trading above the key Hourly Moving Averages (HMAs) amid strong RSI conditions.

As a result, the latest pullback is likely to stop around the stated channel’s support line near $55.50. Though, any further downside will not hesitate to probe the 50-HMA level of $54.93.

It should, however, be noted that any further weakness below $54.93 should drag WTI towards 200-HMA, currently around $53.15.

Meanwhile, the recent multi-month high of around $56.25 and the upper line of the channel near $56.60 can entertain intraday buyers of the oil benchmark.

During further upside past-$56.60, January 15, 2020 low near $57.42 will be the key to watch.

WTI hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	55.77
Today Daily Change	0.13
Today Daily Change %	0.23%
Today daily open	55.64

Trends
Daily SMA20	52.85
Daily SMA50	49.5
Daily SMA100	44.88
Daily SMA200	41.36

Levels
Previous Daily High	56.23
Previous Daily Low	54.71
Previous Weekly High	53.51
Previous Weekly Low	51.8
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	55.65
Daily Fibonacci 61.8%	55.29
Daily Pivot Point S1	54.82
Daily Pivot Point S2	54.01
Daily Pivot Point S3	53.31
Daily Pivot Point R1	56.34
Daily Pivot Point R2	57.04
Daily Pivot Point R3	57.86

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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