- 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
|Today last price||72.03|
|Today Daily Change||-0.11|
|Today Daily Change %||-0.15%|
|Today daily open||72.14|
|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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