WTI Price Analysis: On the back foot above multi-month-old support trendline, 200-day SMA


  • WTI struggles to extend the recent pullback from a 3.5-month-old rising support line and 200-day SMA.
  • 50-day SMA caps the immediate upside, 61.8% Fibonacci retracement adds to the support.

WTI trades near $58.10 during Thursday’s Asian session. The black gold recently took a U-turn from 200-day SMA and an ascending trend line since early October. However, 50-day SMA holds the key to the pair’s further upside.

As a result, buyers will look for entry beyond $59.00 while aiming for 38.2% Fibonacci retracement of the October-January rise, at $60.15.

Should WTI oil prices stay positive beyond $60.15, the 23.6% of Fibonacci retracement, near $62.25, becomes important to watch.

Meanwhile, sellers will target downside break of 200-day SMA level of $57.75 to aim for 61.8% of Fibonacci retracement, at $56.70.

In a case where the quote remains weak under $56.70, November 29 low near $55 will be on the seller’s radar.

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 58.11
Today Daily Change -0.03
Today Daily Change % -0.05%
Today daily open 58.14
 
Trends
Daily SMA20 60.81
Daily SMA50 58.92
Daily SMA100 57.18
Daily SMA200 57.82
 
Levels
Previous Daily High 58.73
Previous Daily Low 57.75
Previous Weekly High 65.67
Previous Weekly Low 58.69
Previous Monthly High 62.38
Previous Monthly Low 55.41
Daily Fibonacci 38.2% 58.36
Daily Fibonacci 61.8% 58.12
Daily Pivot Point S1 57.68
Daily Pivot Point S2 57.23
Daily Pivot Point S3 56.7
Daily Pivot Point R1 58.66
Daily Pivot Point R2 59.19
Daily Pivot Point R3 59.64

 

 

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