WTI Price Analysis: On the bids near yearly top above $54.00, OPEC in focus

WTI stays positive while flirting with February 2020 top.
Overbought RSI conditions probe bullish chart formation around nearby resistance.
21-day SMA, channel support close adjacent doors for seller’s entry.
Headlines from OPEC meeting will be the key to follow.

Anil Panchal FXStreet

Having recently bounced off $53.96, WTI teases the intraday high around $54.25, also the highest since February 2020, while heading into Tuesday’s European session. In doing so, the oil benchmark justifies the previous day’s recovery moves from 21-day SMA and an ascending trend channel’s support ranging from November 2020.

Although bulls are in full mood, overbought RSI conditions may trigger pullback around February 2020 peak surrounding $54.70.

In a case where the oil buyers keep dominating past-$54.70, the $55.00 round-figure may offer an intermediate halt to the rally targeting the mid-January 2020 lows near $57.40.

On the flip side, a daily closing below the 21-day SMA level of $52.43 needs validation from the stated channel support, currently around $52.00, to convince the WTI sellers.

If at all the anticipated pullback extends below $52.00, December 2020 tops near $49.40 should return to the charts. Though, the $50.00 threshold can offer an intermediate halt during the fall.

Overall, oil prices remain strong and eye early 2020 levels. However, today’s OPEC meeting may trigger the much-awaited pullback in case of negative surprises.

WTI daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	54.17
Today Daily Change	0.60
Today Daily Change %	1.12%
Today daily open	53.57

Trends
Daily SMA20	52.36
Daily SMA50	49.1
Daily SMA100	44.57
Daily SMA200	40.97

Levels
Previous Daily High	53.65
Previous Daily Low	51.6
Previous Weekly High	53.51
Previous Weekly Low	51.8
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	52.87
Daily Fibonacci 61.8%	52.39
Daily Pivot Point S1	52.23
Daily Pivot Point S2	50.89
Daily Pivot Point S3	50.18
Daily Pivot Point R1	54.28
Daily Pivot Point R2	54.99
Daily Pivot Point R3	56.33

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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