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.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, tests $5,400

Gold benefits from intense risk-aversion on Monday and climbs to the $5,400 region, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

The week ahead: Conflict in the Middle East jolts markets

Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.