WTI Price Analysis: Eases from fresh multi-month top, eyes one-week-old support line

WTI steps back after refreshing multi-day high, RSI drops from overbought area.
100-HMA adds to the downside filters, February 2020 top lures bulls.

Anil Panchal FXStreet

Having initially jumped to the fresh high since February 2020, WTI drops to $52.25, down 0.47% intraday, during Monday’s Asian session. The oil benchmark seems to take clues from the overbought RSI conditions while stepping back from a multi-day high.

As a result, an upward sloping trend line from last Tuesday, at $51.65 now, gains energy sellers’ attention.

However, the quote’s downside past-$51.65 will be challenged by Thursday’s high near $51.30 and the $50.00 psychological manget, not to forget the 100-HMA level of $50.25.

Meanwhile, fresh buying will eye the February 2020 peak surrounding $54.70 wherein the latest top near $52.80 and the $53.00 round-figure can offer intermediate stops during the upside.

Overall, oil prices are in an upward trajectory since early November and hence the recent pullback can be taken lightly by WTI buyers unless it breaks an upward sloping trend line from November 02, near $48.50.

WTI hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	52.25
Today Daily Change	-0.25
Today Daily Change %	-0.48%
Today daily open	52.5

Trends
Daily SMA20	48.63
Daily SMA50	45.21
Daily SMA100	42.65
Daily SMA200	38.67

Levels
Previous Daily High	52.56
Previous Daily Low	50.85
Previous Weekly High	52.56
Previous Weekly Low	47.26
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	51.91
Daily Fibonacci 61.8%	51.5
Daily Pivot Point S1	51.38
Daily Pivot Point S2	50.26
Daily Pivot Point S3	49.67
Daily Pivot Point R1	53.09
Daily Pivot Point R2	53.68
Daily Pivot Point R3	54.81

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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