WTI Price Analysis: Oil falls back below 200-day SMA

WTI flips the 200-day SMA into support after rejection at $41.28.
A close below Thursday's low may invite more substantial chart-driven selling.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude, the North American oil benchmark, is trading below the 200-day simple moving average (SMA) at $41.10.

The long-term average was breached on Thursday. However, the selling pressure ran out of steam at $40.22, and prices bounced back to levels above $41 early Friday only to turn lower again.

The black gold created a candle with a long lower wick on Thursday, aborting the immediate bearish view put forward by the downside break of an ascending trendline confirmed earlier this week.

The focus now is on Friday's close. Acceptance below Thursday's low of $40.22 would revive the immediate bearish view and expose support at $38.72 (July 30 low).

On the other hand, a close above Thursday's high of $41.79 would confirm reversal higher and allow a re-test of 43.78 (Aug. 26 high).

Daily chart

Trend: Neutral

Technical levels

WTI

Overview
Today last price	40.90
Today Daily Change	-0.36
Today Daily Change %	-0.87
Today daily open	41.47

Trends
Daily SMA20	42.63
Daily SMA50	41.52
Daily SMA100	36.01
Daily SMA200	41.97

Levels
Previous Daily High	41.99
Previous Daily Low	40.45
Previous Weekly High	43.86
Previous Weekly Low	42.3
Previous Monthly High	43.86
Previous Monthly Low	39.75
Daily Fibonacci 38.2%	41.04
Daily Fibonacci 61.8%	41.4
Daily Pivot Point S1	40.61
Daily Pivot Point S2	39.76
Daily Pivot Point S3	39.07
Daily Pivot Point R1	42.16
Daily Pivot Point R2	42.85
Daily Pivot Point R3	43.71

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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