WTI Price Analysis: Immediate pennant, weekly support line test sellers below $65.00

WTI eases from the highest levels since March 17, flashed the previous day.
Bearish moves need confirmation, Momentum favors pullback.
$66.20-30 becomes the key hurdle to watch during fresh upside.

Anil Panchal FXStreet

WTI refreshes intraday low to $64.58, down 0.33% on a day, during early Friday. In doing so, the black gold snaps a three-day uptrend while consolidating the previous day’s gains that refreshed the six-week high.

Although the downward sloping Momentum line backs short-term WTI sellers, immediate pennant formation and an ascending trend line from April 22 probes further downside around $64.75-55 area.

In a case where the pullback conquers the immediate support zone, a 200-HMA level near $63.00 will be the key to watch.

Meanwhile, an upside break of the pennant’s resistance line close to $64.80 should cross the latest high, also the highest since mid-March, around $65.40, may test the oil buyers.

If all the WTI bulls keep reins past $65.40, multiple tops marked around $66.20-30 hold the key to further upside towards the yearly peak surrounding $67.85-90.

Overall, WTI is up profit-booking but the bears are less likely to last longer.

WTI hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	64.64
Today Daily Change	-0.17
Today Daily Change %	-0.26%
Today daily open	64.81

Trends
Daily SMA20	61.58
Daily SMA50	61.88
Daily SMA100	57.01
Daily SMA200	49.11

Levels
Previous Daily High	65.4
Previous Daily Low	63.6
Previous Weekly High	64.36
Previous Weekly Low	60.6
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	64.71
Daily Fibonacci 61.8%	64.28
Daily Pivot Point S1	63.8
Daily Pivot Point S2	62.8
Daily Pivot Point S3	62
Daily Pivot Point R1	65.6
Daily Pivot Point R2	66.4
Daily Pivot Point R3	67.41

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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