WTI Price Analysis: Immediate HMA confluence tests recovery moves around $65.50

WTI bounces off intraday low while trying to recover the previous day’s losses.
21-HMA, 50-HMA guards nearby upside, two-week-old horizontal support will challenge sellers.

Anil Panchal FXStreet

WTI holds $65.00, currently up 0.80% around $65.10, during early Tuesday. In doing so, the energy benchmark recovers from the intraday low while trying to trim Monday’s pullback moves from a multi-month high.

Although RSI’s U-turn from the oversold area, coupled with upbeat fundamentals, favor WTI bulls, a confluence of 21 and 50-HMA around $65.50-55 probes immediate upside of the black gold.

Also acting as a short-term resistance will be the $66.30, a break of which may not hesitate to refresh the highest levels marked since October 2018 while eyeing the $68.00 threshold.

Meanwhile, a horizontal area comprising February 25 highs and last Thursday’s lows around $63.80-65 can offer nearby support during the quote’s fresh declines.

Even if WTI sellers break strong horizontal support, a one-week-old ascending support line around $62.70 should challenge further downside ahead of highlighting the $60.00 psychological magnet for sellers.

WTI hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	65.02
Today Daily Change	0.45
Today Daily Change %	0.70%
Today daily open	64.57

Trends
Daily SMA20	61.09
Daily SMA50	55.82
Daily SMA100	49.56
Daily SMA200	44.96

Levels
Previous Daily High	67.87
Previous Daily Low	64.49
Previous Weekly High	66.27
Previous Weekly Low	59.17
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	65.78
Daily Fibonacci 61.8%	66.58
Daily Pivot Point S1	63.41
Daily Pivot Point S2	62.26
Daily Pivot Point S3	60.03
Daily Pivot Point R1	66.79
Daily Pivot Point R2	69.02
Daily Pivot Point R3	70.18

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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