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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.