WTI Price Analysis: Flirts with $51.00 inside immediate rising wedge

WTI bulls struggle to keep the reins inside short-term bearish chart formation.
Sellers can target 200-hour EMA during fresh declines, oil bulls keep February 2020 top on radar.

Anil Panchal FXStreet

WTI wavers around $51.00, currently up 0.10 intraday, during Friday’s Asian session. In doing so, the oil benchmark stays near the highest levels in 11 months while also portraying a bearish chart pattern on the hourly (1h) play.

Given the normal RSI conditions and a lack of immediate upside barrier, WTI is likely to stay positive for a while inside the stated chart formation.

However, any downside break of $50.95 will not hesitate to recall the sellers targeting the 200-hour EMA level of $49.15. During the fall, the $50.00 psychological magnet will be important.

Should the oil bears dominate past-$49.15, an ascending trend line from December 23, at $47.75 now, will be in the spotlight.

Meanwhile, the recently flashed multi-day high of $51.30 can offer immediate resistance to the quote ahead of directing it to the stated pattern’s upper line near $51.55.

If at all the WTI bulls defy the bearish chart pattern by clearing $51.55, February 2020 top near $54.70 will be their favorite.

WTI hourly chart

Trend: Pullback expected

additional important levels

Overview
Today last price	51.02
Today Daily Change	0.02
Today Daily Change %	0.04%
Today daily open	51

Trends
Daily SMA20	48.34
Daily SMA50	44.88
Daily SMA100	42.55
Daily SMA200	38.52

Levels
Previous Daily High	51.3
Previous Daily Low	50.34
Previous Weekly High	49
Previous Weekly Low	47.57
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	50.93
Daily Fibonacci 61.8%	50.7
Daily Pivot Point S1	50.46
Daily Pivot Point S2	49.92
Daily Pivot Point S3	49.5
Daily Pivot Point R1	51.42
Daily Pivot Point R2	51.84
Daily Pivot Point R3	52.38

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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