• WTI pulls back from six-week high, pressured around intraday low at the latest.
  • Bearish candlestick, sluggish RSI hints at buyer’s exhaustion below multi-day-old resistance line.
  • 50-DMA, 100-DMA restricts immediate downside ahead of monthly support line.

WTI crude oil remains on the back foot near the intraday low of $76.56, down 0.20% on a day during early Thursday.

The oil benchmark jumped to a fresh high since November 25 the previous day before reversing gain from $78.30 to retest the opening levels at Wednesday’s end. In doing so, the black gold printed a Gravestone Doji bearish candlestick on the daily chart.

Given the sluggish RSI conditions backing the bearish candlestick below a 10-week-old resistance line, around $78.95, WTI oil prices are likely to decline further.

In doing so, the 50-DMA and the 100-DMA can lure short-term traders, respectively around $75.00 and $74.65.

However, early December’s peak near $73.15 and a one-month-old support line, close to $70.20, will challenge WTI bears afterward.

Alternatively, an upside clearance of the stated resistance line near $78.95 will need validation from the $79.00 round figure before directing the oil prices towards $83.60 and then to November’s high surrounding $84.00.

During the rise, the $80.00 psychological manget will act as an extra filter to the north.

WTI: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 76.62
Today Daily Change -0.17
Today Daily Change % -0.22%
Today daily open 76.79
 
Trends
Daily SMA20 73.32
Daily SMA50 75.13
Daily SMA100 74.55
Daily SMA200 71.08
 
Levels
Previous Daily High 78.3
Previous Daily Low 76.34
Previous Weekly High 77.26
Previous Weekly Low 72.46
Previous Monthly High 77.26
Previous Monthly Low 62.34
Daily Fibonacci 38.2% 77.09
Daily Fibonacci 61.8% 77.55
Daily Pivot Point S1 75.99
Daily Pivot Point S2 75.18
Daily Pivot Point S3 74.03
Daily Pivot Point R1 77.95
Daily Pivot Point R2 79.1
Daily Pivot Point R3 79.9

 

 

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