- WTI recovers from weekly low, refreshes intraday top of late.
- Bullish MACD, short-term key support line favor recovery moves.
- Convergence of previous resistance line, 50-DMA adds to the downside support.
- Bullish Doji’s top challenges the advances towards monthly high.
WTI extends rebound from a one-month-old support line towards $71.00, up 0.53% on a day around $70.70 by the press time of the pre-European session on Tuesday.
The commodity’s recovery moves also gain support from bullish MACD signals aim at the rejection of last week’s bearish candlestick formation, by an upside clearance of $72.75.
Following that, the monthly high near $72.90 and late July tops close to $73.90 will challenge the oil buyers.
Meanwhile, a downside break of the stated support line, around $70.40, will have to get validation from the $70.00 threshold to recall the black gold bears.
Even so, a convergence of a downward sloping trend line from early July and 50-DMA, around $69.10, will be a tough nut to crack for WTI bears.
Overall, the quote remains in recovery mode but on a bumpy road to the north.
WTI: Daily chart
Trend: Further recovery expected
Additional impotant levels
|Today last price||70.78|
|Today Daily Change||0.39|
|Today Daily Change %||0.55%|
|Today daily open||70.39|
|Previous Daily High||71.87|
|Previous Daily Low||69.68|
|Previous Weekly High||72.88|
|Previous Weekly Low||69.3|
|Previous Monthly High||73.54|
|Previous Monthly Low||61.73|
|Daily Fibonacci 38.2%||70.52|
|Daily Fibonacci 61.8%||71.04|
|Daily Pivot Point S1||69.42|
|Daily Pivot Point S2||68.45|
|Daily Pivot Point S3||67.22|
|Daily Pivot Point R1||71.62|
|Daily Pivot Point R2||72.84|
|Daily Pivot Point R3||73.81|
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