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.

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