WTI Price Analysis: March top lures the bulls as OPEC struggles over output hike

WTI keeps upside break of 61.8% Fibonacci retracement, nears highest in nine months.
OPEC struggles to agree over output even as some participants back a delay in the production hike.
Ascending trend line from March adds to the upside filter.

Anil Panchal FXStreet

WTI nears the end of November while revisiting the early-March tops, closed around $45.70 on Friday. The energy benchmark stays on the bull’s radar as upbeat fundamentals help the quote to remain strong beyond 61.8% Fibonacci retracement of January-April downside.

While the coronavirus (COVID-19) vaccine hopes favor the oil bulls, the recent indecision over the production hike delay at the OPEC and its allies (OPEC+) Joint Ministerial Monitoring Committee (JMMC).

Read: OPEC: No agreement to delay output hike, so far

Given the upside break of the key Fibonacci resistance gaining fundamental support, the black gold may extend its latest run-up towards the March month’s high of $48.74 amid bullish MACD.

However, an upward sloping trend line from March 11, currently around $49.30 and the $50.00 threshold can challenge the bulls afterward.

Alternatively, 61.8% Fibonacci retracement and a short-term support line from November 06, around $43.70/65, offers strong immediate support to the commodity.

Should WTI sellers manage to break $43.65 on a daily closing basis, the October high near $41.90 will flash on their radars.

WTI daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	45.72
Today Daily Change	0.00
Today Daily Change %	0.00%
Today daily open	45.72

Trends
Daily SMA20	41.5
Daily SMA50	40.43
Daily SMA100	40.84
Daily SMA200	36.82

Levels
Previous Daily High	45.74
Previous Daily Low	44.63
Previous Weekly High	46.31
Previous Weekly Low	42.34
Previous Monthly High	41.93
Previous Monthly Low	35.08
Daily Fibonacci 38.2%	45.32
Daily Fibonacci 61.8%	45.05
Daily Pivot Point S1	44.99
Daily Pivot Point S2	44.25
Daily Pivot Point S3	43.88
Daily Pivot Point R1	46.1
Daily Pivot Point R2	46.48
Daily Pivot Point R3	47.21

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.