• WTI grinds higher past $105.00 after two-day uptrend.
  • Steady RSI, DMA breakout keeps buyers hopeful to challenge 50% Fibo.
  • Monthly support line appears a tough nut to crack for bears during the pullback.

WTI crude oil prices seem defensive at around $105.00 during Friday’s Asian session, after rising to a four-day high on crossing the 21 and 50 DMAs the previous day.

The black gold’s latest inaction fails to disappoint buyers, backed by the key DMA breakout and steady RSI.

That said, the commodity’s upside momentum remains bumpy as the 50% Fibonacci retracement of February-March upside, around $107.00, appears the nearby key hurdle for buyers to tackle before heading towards the resistance line from late March, near $109.30.

It’s worth noting that, the black gold’s rally beyond $109.30 needs validation from the monthly high near $110.35 to aim for late March’s peak surrounding $115.85.

On the contrary, the 50-DMA and the 21-DMA may initially challenge the quote’s pullback moves respectively around $104.10 and $103.65.

Following that, the 61.8% Fibo. and an upward sloping support line from April 11, close to $102.30 and $98.80 in that order, will challenge the WTI bears.

Overall, WTI is up for further advances but there prevails a bumpy road to the north until the quote stays below $109.30

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 105.17
Today Daily Change 0.93
Today Daily Change % 0.89%
Today daily open 104.24
 
Trends
Daily SMA20 103.52
Daily SMA50 104.19
Daily SMA100 94.57
Daily SMA200 84.13
 
Levels
Previous Daily High 105.03
Previous Daily Low 97.21
Previous Weekly High 110.33
Previous Weekly Low 99.58
Previous Monthly High 109.13
Previous Monthly Low 92.65
Daily Fibonacci 38.2% 102.04
Daily Fibonacci 61.8% 100.2
Daily Pivot Point S1 99.29
Daily Pivot Point S2 94.34
Daily Pivot Point S3 91.48
Daily Pivot Point R1 107.11
Daily Pivot Point R2 109.98
Daily Pivot Point R3 114.92

 

 

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