WTI Price Analysis: Mildly offered around $69.00 but bulls remain hopeful

  • WTI eases from weekly top, fades break of seven-day-old previous resistance line.
  • Bullish MACD, rebound from $65.00 and immediate rising trend line favor buyers.

WTI oil prices step back from the week’s top to $69.00, down 0.27% intraday, during early Thursday.

The energy benchmark refreshed weekly high after crossing a descending trend line from August 03 the previous day. Also suggesting the quote’s further upside are the bullish MACD signals and an upward sloping support line from Monday.

However, clear trading above $69.00 becomes necessary for the oil buyers to aim for 200-SMA near $71.40. During the rise, the $70.00 threshold may offer an intermediate halt.

It’s worth noting that the resistance line of a five-week-old descending triangle bullish pattern challenges the black gold’s rally beyond 200-SMA around $72.75.

Alternatively, the commodity’s further declines will aim to retest the previous resistance line around $68.10, a break of which will direct WTI sellers to the short-term support line near $66.80.

It should be observed, however, that the quote’s weakness past $66.80 will be questioned by the stated triangle’s support near $65.00, a break of which will convince the oil bears.

WTI: Four-hour chart

Trend: Further recovery expected

Additional important levels

Today last price 69.04
Today Daily Change -0.15
Today Daily Change % -0.22%
Today daily open 69.19
Daily SMA20 70.04
Daily SMA50 71.33
Daily SMA100 67.29
Daily SMA200 59.78
Previous Daily High 69.22
Previous Daily Low 66.5
Previous Weekly High 73.54
Previous Weekly Low 67.36
Previous Monthly High 76.4
Previous Monthly Low 64.99
Daily Fibonacci 38.2% 68.18
Daily Fibonacci 61.8% 67.54
Daily Pivot Point S1 67.39
Daily Pivot Point S2 65.58
Daily Pivot Point S3 64.66
Daily Pivot Point R1 70.11
Daily Pivot Point R2 71.03
Daily Pivot Point R3 72.83



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