WTI Price Analysis: Keeps bounce off 200-HMA despite downbeat Baker Hughes report

WTI keeps upside break of 100-HMA and 61.8% Fibonacci retracement.
Baker Hughes US Oil Rig Count grew 267 during the latest weekly release of 2020 versus 264 previous count.
Two US B52 bombers head to the Middle East to warn Iran.
Two-week-old falling trend line on bulls’ radars, sellers have multiple barriers around 47.50/60.

Anil Panchal FXStreet

WTI settles around $48.40 by the end of Wednesday’s trading. In doing so, the energy benchmark rose for the second consecutive day while paying a little heed to the weekly rig count data from the US.

Recently, Fox News came out with the update suggesting two B52 bombers heading towards the Middle East amid intensifying tension between America and Iran.

That said, the oil prices earlier cheered higher than previous and expected inventory data to stay positive beyond $48.00.

Technically, the commodity’s ability to stay beyond 100-HMA and 61.8% Fibonacci retracement of December 18-23 downside favor the bulls to eye a falling trend line from December 18, currently around $48.77.

It should, however, be noted that the multi-month high near $49.45 and the $50.00 will lure the energy bulls during the quote’s sustained run-up past-$48.77.

Meanwhile, a downside break of a confluence including 100-HMA and 61.8% Fibonacci retracement near $48.20 offers immediate strong support ahead of the 200-HMA level of $47.97.

Also likely to challenge the oil sellers are multiple highs and lows marked after December 22 around $47.60/50.

WTI hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	48.36
Today Daily Change	0.31
Today Daily Change %	0.65%
Today daily open	48.05

Trends
Daily SMA20	47.21
Daily SMA50	43.44
Daily SMA100	42.1
Daily SMA200	37.63

Levels
Previous Daily High	48.4
Previous Daily Low	47.69
Previous Weekly High	49.26
Previous Weekly Low	46.19
Previous Monthly High	46.31
Previous Monthly Low	33.85
Daily Fibonacci 38.2%	48.13
Daily Fibonacci 61.8%	47.96
Daily Pivot Point S1	47.69
Daily Pivot Point S2	47.34
Daily Pivot Point S3	46.98
Daily Pivot Point R1	48.41
Daily Pivot Point R2	48.76
Daily Pivot Point R3	49.12

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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