• WTI steps back from two-week high as MACD teases bulls.
  • 61.8% Fibonacci retracement of early-July drop adds to the upside filters.
  • Short-term horizontal area challenges bear’s entry, bulls can eye $75.00 on successful run-up.

WTI oil prices seesaw around $72.00, down 0.15% intraday, during Thursday’s Asian session.

The energy benchmark refreshed two-week top the previous day while posting a daily close beyond 21-DMA and 61.8% Fibonacci retracement (Fibo.) for the first time since July 14. However, a confluence of the stated moving average and a downward sloping trend line from July 06, near $72.20, triggered the quote’s pullback afterward.

As MACD teases bulls for the first time in 18 days, backed by the US dollar weakness, WTI prices may overcome the immediate hurdle surrounding $72.20.

Following that, the mid-month top near $75.00 will lure the oil buyers ahead of the monthly peak of $76.40.

On the flip side, 50% Fibonacci retracement and a three-week-old horizontal area, respectively around $70.70 and $70.30, will precede the $70.00 psychological magnet to challenge the WTI sellers.

Should the black gold remains weak past $70.00, its gradual fall towards July 20 high near $67.50 can’t be ruled out.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 72.03
Today Daily Change -0.11
Today Daily Change % -0.15%
Today daily open 72.14
 
Trends
Daily SMA20 72.1
Daily SMA50 70.61
Daily SMA100 66.64
Daily SMA200 58.21
 
Levels
Previous Daily High 72.36
Previous Daily Low 71.49
Previous Weekly High 72
Previous Weekly Low 64.99
Previous Monthly High 74.17
Previous Monthly Low 66.78
Daily Fibonacci 38.2% 72.03
Daily Fibonacci 61.8% 71.83
Daily Pivot Point S1 71.63
Daily Pivot Point S2 71.13
Daily Pivot Point S3 70.76
Daily Pivot Point R1 72.5
Daily Pivot Point R2 72.87
Daily Pivot Point R3 73.37

 

 

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