WTI Price Analysis: Oil trades near expanding channel hurdle

The US oil prices trade in an expanding channel.
With daily RSI bullish, a breakout would expose August highs.

Omkar Godbole FXStreet Contributor

The West Texas Intermediate (WTI) crude, a North American oil benchmark, has carved out an expanding channel over the past two months.

Oil is currently trading in the red near $41.73 per barrel. The current prices are just short of the channel resistance at $42.10.

A close above that level would confirm a bullish breakout, validating the above-50 or bullish reading on the 14-day Relative Strength Index (RSI) and opening the doors to the August high of $43.78.

The bulls have failed multiple times in the past few days to force a bullish close. Another rejection could cause some buyers to exit the market, leading to a price pullback to $40.06 (Nov. 13 low).

Daily chart

Trend: Neutral

Technical levels

WTI

Overview
Today last price	41.73
Today Daily Change	-0.12
Today Daily Change %	-0.29
Today daily open	41.88

Trends
Daily SMA20	39.46
Daily SMA50	39.73
Daily SMA100	40.59
Daily SMA200	37.1

Levels
Previous Daily High	42.68
Previous Daily Low	41.32
Previous Weekly High	43.28
Previous Weekly Low	37.43
Previous Monthly High	41.93
Previous Monthly Low	35.08
Daily Fibonacci 38.2%	42.16
Daily Fibonacci 61.8%	41.84
Daily Pivot Point S1	41.24
Daily Pivot Point S2	40.6
Daily Pivot Point S3	39.88
Daily Pivot Point R1	42.6
Daily Pivot Point R2	43.32
Daily Pivot Point R3	43.96

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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