- WTI snaps two-day uptrend, pares daily gains after rising the most since May.
- Bullish chart pattern, upside oscillators keep buyers hopeful but 100-SMA adds to the upside filters.
- Multiple supports to challenge bears above $75.00 level.
WTI crude oil prices fade the previous day’s upside momentum, the biggest in four months, as bulls take a breather at around $82.00 during Thursday’s Asian session. That said, the black gold retreats to $81.30 by the press time.
In doing so, the quote eased from the previous support line from September 07 while staying inside the monthly falling wedge bullish chart pattern.
Given the recently firmer RSI and the bullish MACD signals, the commodity prices are likely to extend the latest hurdle surrounding $82.00.
However, the quote’s further upside will hinge on the capacity to confirm the wedge formation with a clear break of $82.80, as well as cross the 100-SMA hurdle surrounding $83.55.
On the contrary, pullback moves may revisit the $80.00 threshold ahead of weekly horizontal support near $78.00.
In a case where the quote drops below $78.00 support, the latest multi-month low near $76.00 and the lower line of the stated wedge, around $75.20, could challenge the further downside of WTI crude oil.
WTI: Four-hour chart
Trend: Further upside expected
Additional important levels
|Today last price||81.38|
|Today Daily Change||3.68|
|Today Daily Change %||4.74%|
|Today daily open||77.7|
|Previous Daily High||79.29|
|Previous Daily Low||76.15|
|Previous Weekly High||86.54|
|Previous Weekly Low||78.01|
|Previous Monthly High||97.68|
|Previous Monthly Low||85.39|
|Daily Fibonacci 38.2%||78.09|
|Daily Fibonacci 61.8%||77.35|
|Daily Pivot Point S1||76.13|
|Daily Pivot Point S2||74.57|
|Daily Pivot Point S3||72.99|
|Daily Pivot Point R1||79.28|
|Daily Pivot Point R2||80.86|
|Daily Pivot Point R3||82.43|
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