WTI Price Analysis: Looks set to revisit $66.20-30 resistance on Friday’s bullish Doji

WTI picks up bids, rises the most in four days.
Bullish candlestick, upbeat MACD direct traders to the key hurdle.
Monthly support line, 50-day SMA restrict short-term downside.

Anil Panchal FXStreet

WTI remains on the front foot, up 0.89% intraday near $65.40, as traders in Brussels brace for Monday’s bell. In doing so, the oil benchmark justifies Friday’s bullish Doji candlestick as well as upbeat MACD signals.

Although the latest run-up is set for cross the $66.00 round figure resistance, a horizontal area comprising multiple tops marked since early March around $66.20-30 will be a tough nut to crack for the oil bulls.

Should the barrel of black gold costs more than $66.30, the yearly high surrounding $67.85 will return to the chart.

During the pullback, $64.00 may entertain the short-term WTI sellers ahead of directing them to an ascending support line from April 05, near $62.60.

However, any further weakness past-$62.60 will be tested by a 50-day SMA level of $62.35, if not then the odds of the commodity’s gradual declines to $60.00 psychological magnet can’t be ruled out.

WTI daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	65.35
Today Daily Change	0.54
Today Daily Change %	0.83%
Today daily open	64.81

Trends
Daily SMA20	63.12
Daily SMA50	62.28
Daily SMA100	58.04
Daily SMA200	49.82

Levels
Previous Daily High	65.21
Previous Daily Low	63.9
Previous Weekly High	66.7
Previous Weekly Low	62.88
Previous Monthly High	65.4
Previous Monthly Low	57.66
Daily Fibonacci 38.2%	64.4
Daily Fibonacci 61.8%	64.71
Daily Pivot Point S1	64.07
Daily Pivot Point S2	63.32
Daily Pivot Point S3	62.75
Daily Pivot Point R1	65.38
Daily Pivot Point R2	65.95
Daily Pivot Point R3	66.7

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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