WTI Price Analysis: Oil sellers face rejection below $39.30 for third straight day


  • WTI fades the drop to sub-$39.30 levels for the third consecutive day. 
  • The repeated bear failure may entice buyers and yield a bounce. 
  • However, Sept. 18 high remains a level to beat for the bulls.

West Texas Intermediate (WTI), the North American oil benchmark, is trading largely unchanged on the day near $39.50 at press time, having hit a low of $39.12 an hour ago. 

The black gold has found dip demand below $39.30 for the third straight day. While prices fell by 4% on Sept. 21, the sellers could not establish a foothold below $39.00. 

The repeated bear failure near $39.00 could invite buying pressure, although the technical outlook would turn bullish only after prices rise above the lower high of $41.72 created on Sept. 18. 

Alternatively, a close below $39.00 would shift the focus back to the bearish Doji reversal pattern confirmed by Monday's 4.3% decline and open the doors for a re-test of the Sept. 8 low of $36.13. 

Daily chart

Trend: Neutral

Technical levels

WTI

Overview
Today last price 39.50
Today Daily Change -0.05
Today Daily Change % -0.13
Today daily open 39.65
 
Trends
Daily SMA20 40.15
Daily SMA50 41.22
Daily SMA100 38.69
Daily SMA200 40.64
 
Levels
Previous Daily High 40.81
Previous Daily Low 39.32
Previous Weekly High 41.75
Previous Weekly Low 37.08
Previous Monthly High 43.86
Previous Monthly Low 39.75
Daily Fibonacci 38.2% 39.89
Daily Fibonacci 61.8% 40.24
Daily Pivot Point S1 39.04
Daily Pivot Point S2 38.44
Daily Pivot Point S3 37.55
Daily Pivot Point R1 40.53
Daily Pivot Point R2 41.42
Daily Pivot Point R3 42.02

 

 

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