WTI Price Analysis: Overbought RSI challenges the bulls above $35.50

WTI seesaws around 7-week-old resistance line, retreats from highest since March 11.
A short-term ascending trend line on the bears’ radars during the pullback.
100-day SMA, 61.8% Fibonacci retracement together offers strong upside barrier.

Anil Panchal FXStreet

WTI fades the early-Asian session upside momentum while taking rounds to $35.50 amid the initial trading on Monday.

In doing so, the black gold seesaws around 12-week top while clinging to an upward sloping trend line from April 09 amid overbought RSI conditions.

As a result, sellers are looking for an entry during the energy benchmark’s drop below $35.00 to visit an ascending support line stretched since May 14, 2020, at $32.34 now.

If at all the buyers manage to provide a daily closing beyond the said resistance line above $35.55, a confluence of 100-day SMA and 61.8% Fibonacci retracement of February-April fall near $36.80-37.00 will be in the spotlight.

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	35.54
Today Daily Change	0.05
Today Daily Change %	0.14%
Today daily open	35.49

Trends
Daily SMA20	29.74
Daily SMA50	25.83
Daily SMA100	37.37
Daily SMA200	47.21

Levels
Previous Daily High	35.92
Previous Daily Low	32.54
Previous Weekly High	35.92
Previous Weekly Low	31.33
Previous Monthly High	35.92
Previous Monthly Low	19.61
Daily Fibonacci 38.2%	34.63
Daily Fibonacci 61.8%	33.83
Daily Pivot Point S1	33.38
Daily Pivot Point S2	31.28
Daily Pivot Point S3	30.01
Daily Pivot Point R1	36.76
Daily Pivot Point R2	38.02
Daily Pivot Point R3	40.13

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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