WTI Price Analysis: Fails to keep bounce off 100-day EMA, holds $40.00 amid bullish MACD

WTI prints mild losses after stepping back from $40.76 the previous day.
100-day EMA, bullish MACD challenge oil sellers ahead of the weekly low.
61.8% Fibonacci retracement, one-month-old horizontal line can question bulls.

Anil Panchal FXStreet

WTI drops to $40.39, down 0.11% intraday, during the early Wednesday. The energy benchmark justifies its Monday’s pullback from 100-day EMA with notable gains on Tuesday. However, the latest consolidation in the commodity prices doubts the MACD conditions.

As a result, the 50% Fibonacci retracement of August 26 to September 08 downside, near $40.13, followed by the $40.00, can challenge the short-term WTI sellers. In a case where the bears refrain from stepping back past-$40.00, the 100-day EMA level of $39.70 regains market attention.

Additionally, 38.2% Fibonacci retracement and the week bottom surrounding $39.25 and September 09 high close to $38.70 will challenge the black gold’s further downside below $39.70.

During the commodity’s upside, the 61.8% Fibonacci retracement level of $41.00 can please the buyers before propelling them towards a horizontal area around $41.75/70 that comprises highs marked in September and the early October.

It should be noted that the August 21 low near $41.50 offers an extra filter to the WTI’s recovery moves past-$41.00.

WTI daily chart

Trend: Sideways

Additional important levels

Overview
Today last price	40.4
Today Daily Change	-0.04
Today Daily Change %	-0.10%
Today daily open	40.44

Trends
Daily SMA20	40.02
Daily SMA50	40.85
Daily SMA100	40.09
Daily SMA200	39.15

Levels
Previous Daily High	40.76
Previous Daily Low	39.62
Previous Weekly High	41.68
Previous Weekly Low	37.13
Previous Monthly High	43.56
Previous Monthly Low	36.43
Daily Fibonacci 38.2%	40.33
Daily Fibonacci 61.8%	40.06
Daily Pivot Point S1	39.79
Daily Pivot Point S2	39.14
Daily Pivot Point S3	38.65
Daily Pivot Point R1	40.93
Daily Pivot Point R2	41.41
Daily Pivot Point R3	42.06

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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