WTI Price Analysis: Finds bids at the confluence of critical support and trendline at $109.50


  • The oil prices have displayed recovery signs after hitting the critical support and trendline confluence.
  • A golden cross has been displayed by the 50- and 200-period EMAs, which adds to the upside filters.
  • Should the RSI (14) recaptures the bullish range of 60.00-80.00, a fresh impulsive wave may trigger.

West Texas Intermediate (WTI), futures on NYMEX, has displayed a firmer rebound after hitting a low of $109.48 in the late Asian session. The black gold has remained in the grip of bulls for the past week after sensing a responsive buying action from the previous week’s low at $101.17.

The oil prices have displayed signs of recovery after kissing the confluence area of the trendline and the critical support at $109.53. To be informed, the upward sloping trendline is placed from Friday’s low at $102.79.

A golden cross, represented by the 50- and 200-period Exponential Moving Averages (EMAs) at $108.76, has strengthened the oil bulls. Also, the golden cross firms a bullish reversal in an asset.

The Relative Strength Index (RSI) (14) has corrected mildly after remaining in the bullish range of 60.00-80.00. Investors will see a fresh leg of an upside move if the RSI (14) will recapture the above-mentioned bullish range.

A decisive move above Wednesday’s high at $111.18 will drive the asset towards June 14 low at 114.30, followed by June 17 high at $116.30.

On the flip side, bulls could lose control if the asset drops below Tuesday’s low at $108.55. An occurrence of the same will drag the asset towards the round-levels support at $105.00. A breach of the round-level support will unleash bears for more downside towards Friday’s low at $102.79.

WTI hourly chart

WTI US OIL

Overview
Today last price 110.06
Today Daily Change -0.65
Today Daily Change % -0.59
Today daily open 110.71
 
Trends
Daily SMA20 113.27
Daily SMA50 109.29
Daily SMA100 104.93
Daily SMA200 91.59
 
Levels
Previous Daily High 111.06
Previous Daily Low 108.51
Previous Weekly High 110.82
Previous Weekly Low 101.17
Previous Monthly High 118.66
Previous Monthly Low 97.21
Daily Fibonacci 38.2% 110.08
Daily Fibonacci 61.8% 109.48
Daily Pivot Point S1 109.13
Daily Pivot Point S2 107.55
Daily Pivot Point S3 106.58
Daily Pivot Point R1 111.67
Daily Pivot Point R2 112.64
Daily Pivot Point R3 114.22

 

 

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