WTI Price Analysis: Focus on Wednesday’s close amid a potential bull flag


  • WTI reverses Tuesday’s losses, looks to extend the recovery. 
  • Daily chart spots a likely bull flag amid bullish RSI.
  • Focus on Wednesday’s close price, EIA and US data.

WTI (futures on NYMEX) battles the $53 mark, reversing most of Tuesday’s losses, as the bulls await the Energy Information Administration (EIA) US crude stockpiles data for fresh directives.

From a near-term technical perspective, the black gold remains in a consolidation phase after recoding multi-month highs at $53.93 on January 13.

The rally in the first week of this month that followed the consolidation charted a bull flag on the daily chart, which could likely get confirmed on a daily closing above $53.09 – the falling trendline resistance.

The bullish breakout would open doors towards the multi-month tops, above which the $55 threshold would be in sight.

The 14-day Relative Strength Index (RSI), currently trades at 63.12, pointing to more gains.

Alternatively, the pattern will get invalidated if the price closes the day below $51.03, the falling trendline support.

Ahead of that level, the 21-daily moving average (DMA) at $51.52 would challenge the bears’ commitment.

WTI daily chart

WTI additional levels

WTI

Overview
Today last price 52.96
Today Daily Change 0.46
Today Daily Change % 0.88
Today daily open 52.48
 
Trends
Daily SMA20 51.47
Daily SMA50 48.28
Daily SMA100 43.96
Daily SMA200 40.2
 
Levels
Previous Daily High 53.2
Previous Daily Low 52.27
Previous Weekly High 53.8
Previous Weekly Low 51.43
Previous Monthly High 49.43
Previous Monthly Low 44.01
Daily Fibonacci 38.2% 52.63
Daily Fibonacci 61.8% 52.85
Daily Pivot Point S1 52.09
Daily Pivot Point S2 51.71
Daily Pivot Point S3 51.16
Daily Pivot Point R1 53.03
Daily Pivot Point R2 53.58
Daily Pivot Point R3 53.96

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.2050 as dollar rises across the board

EUR/USD is back in the red, trading below 1.21 as the dollar gains ground/ The ECB reportedly sees no need for action on bond yields. Eurozone Services PMIs met expectations. US ADP Nonfarm Payrolls missed with 117K. The ISM Services PMI is awaited. 

EUR/USD News

GBP/USD edges higher as Sunak presents UK budget

GBP/USD is advancing toward 1.40, paring previous losses as UK Chancellor Sunak presents a new budget that includes an extension to the furlough scheme, tax holidays, and other measures to support the economy. US yields and data are eyed.

GBP/USD News

XAU/USD flirts with session lows, around $1725-20 region

A combination of factors prompted some fresh selling around gold on Wednesday. The risk-on mood was seen as a key factor weighing on the safe-haven commodity. An uptick in the US bond yields underpinned the USD and added to the selling bias.

Gold News

Cardano: Screams sell as technical and on-chain levels flip bearish

Cardano is trading at the apex of a descending triangle, hinting at a 28% breakdown to $0.84. The parabolic SAR points highlight the hovering overhead pressure. The upward movement is likely to be hampered at $1.26, as illustrated by the IOMAP model.

Read more

US Dollar Index: Upside remains capped by 91.60

DXY failed to move further north of the 91.00 mark on a more serious note on Wednesday, retreating to the negative territory after clinching multi-week peaks in the 91.35/40 band.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures