WTI Price Analysis: Monthly support line eyed amid pullback below $38.50

WTI benchmark snaps the previous day’s recovery moves from $37.26.
Bearish MACD signals drag the quote towards an ascending trend line from May 13.
Buyers may look for a sustained break above $40.00 for fresh entries.

Anil Panchal FXStreet

WTI crude oil prices on NYMEX decline to $38.27 during the initial Asian session on Wednesday. The barrels of black gold recovered from $37.26 on Tuesday but failed to rise past-$38.55 on the daily closing basis.

Other than the energy benchmark’s failure to cross $38.55, bearish MACD also favors the odds of further downside towards the monthly support near $36.95.

Should the bears refrain from respecting the short-term key support line, May 26 high near $34.90 could offer intermediate halt ahead fetching the quote to sub-$31.00 area.

Meanwhile, $40.00 round-figure and the weekly high near $40.61 might keep the bulls away during the pair’s U-turn towards the north. Given the commodity prices rally past-$40.61, March 06 low near $41.22 could lure the bulls.

WTI four-hour chart

Trend: Further downside likely

additional important levels

Overview
Today last price	38.24
Today Daily Change	-0.31
Today Daily Change %	-0.80%
Today daily open	38.55

Trends
Daily SMA20	34.12
Daily SMA50	27.66
Daily SMA100	35.91
Daily SMA200	46.59

Levels
Previous Daily High	39.26
Previous Daily Low	37.26
Previous Weekly High	39.81
Previous Weekly Low	34.45
Previous Monthly High	35.92
Previous Monthly Low	19.61
Daily Fibonacci 38.2%	38.5
Daily Fibonacci 61.8%	38.03
Daily Pivot Point S1	37.46
Daily Pivot Point S2	36.36
Daily Pivot Point S3	35.46
Daily Pivot Point R1	39.45
Daily Pivot Point R2	40.35
Daily Pivot Point R3	41.45

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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