WTI Price Analysis: Eases from 16-day top above $68.00 but bulls stay hopeful

WTI remains pressured around intraday low, keeps upside break of 100-DMA.
Upbeat RSI conditions add to the bullish catalysts.
50-DMA, two-month-old resistance line challenge short-term buyers.

Anil Panchal FXStreet

WTI takes offers around an intraday low of $68.35, down 0.08% on a day around $68.50 amid Monday’s Asian session.

The black gold earlier rallied to the highest since August 06 before stepping back from $69.50. In doing so, the quote stays below 50-DMA and a descending resistance line from July 07.

However, firmer RSI and the energy benchmark’s daily closing beyond 100-DMA keeps oil buyers hopeful unless witnessing a daily closing below $68.15, comprising the stated key moving average.

Even if the commodity prices drop below $68.15, the $68.00 threshold and double bottoms near $65.00, marked since July 20, will challenge the WTI bears.

Meanwhile, the $70.00 round figure guards the quote’s immediate upside ahead of the 50-DMA and the stated resistance line, respectively around $70.30 and $70.85.

In a case where the WTI bulls keep reins past $70.85, the late July tops near $73.90 and the July 13 peak of $74.95 will entertain them ahead of directing to the last month’s high of $76.40.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	68.51
Today Daily Change	-0.06
Today Daily Change %	-0.09%
Today daily open	68.57

Trends
Daily SMA20	67.33
Daily SMA50	70.4
Daily SMA100	68.07
Daily SMA200	61.32

Levels
Previous Daily High	68.91
Previous Daily Low	67.39
Previous Weekly High	68.91
Previous Weekly Low	61.73
Previous Monthly High	76.4
Previous Monthly Low	64.99
Daily Fibonacci 38.2%	68.33
Daily Fibonacci 61.8%	67.97
Daily Pivot Point S1	67.67
Daily Pivot Point S2	66.77
Daily Pivot Point S3	66.14
Daily Pivot Point R1	69.19
Daily Pivot Point R2	69.81
Daily Pivot Point R3	70.71

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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