WTI Price Analysis: Escalates recovery moves to fill the gap below $41.20

WTI extends pullback from the multi-year low.
100-HMA, 61.8% of Fibonacci retracement can offer intermediate halts to revisit the previous week’s closing.
An ascending trend line since Monday limits immediate downside.

Anil Panchal FXStreet

While following a short-term rising trend line from Monday, WTI takes the bids to $35.70 during the Asian session on Wednesday.

In doing so, the energy benchmark rises towards filling the week-start gap below $41.20. However, 100-Hour Simple Moving Average (HMA) near $39.00 can act as immediate resistance.

Following that 61.8% Fibonacci retracement of the black gold’s monthly declines, at $40.65 can act as an additional upside barrier.

It should, however, be noted that a 200-HMA level of $42.90 can challenge the oil price recovery beyond $41.20.

Meanwhile, a sustained decline below the immediate support line of $34.50 can take rest near $30.00 ahead of challenging the previous week’s low surrounding $28.80.

WTI hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	35.70
Today Daily Change	0.30
Today Daily Change %	0.85%
Today daily open	35.12

Trends
Daily SMA20	47.94
Daily SMA50	52.8
Daily SMA100	55.34
Daily SMA200	55.53

Levels
Previous Daily High	35.26
Previous Daily Low	30.48
Previous Weekly High	48.74
Previous Weekly Low	41.22
Previous Monthly High	54.69
Previous Monthly Low	43.95
Daily Fibonacci 38.2%	33.44
Daily Fibonacci 61.8%	32.31
Daily Pivot Point S1	31.98
Daily Pivot Point S2	28.84
Daily Pivot Point S3	27.2
Daily Pivot Point R1	36.76
Daily Pivot Point R2	38.4
Daily Pivot Point R3	41.54

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.