WTI Price Analysis: Overbought RSI tests bulls around $66.00

WTI snaps two-day winning streak while easing from $66.12.
Bullish chart pattern, sustained trading beyond immediate SMA support keeps buyers hopeful.
A daily closing beyond $66.00 becomes necessary before probing the channel resistance.

Anil Panchal FXStreet

WTI bulls catch a breather around $66.00, currently down 0.22% intraday near $65.90, amid Friday’s Asian session. In doing so, the energy benchmark drops for the first time in three days while teasing the multi-month tops marked earlier in the week.

Given the overbought RSI and the market’s cautious mood ahead of US President Joe Biden’s speech, at 01:00 AM GMT, the black-gold is likely to consolidate the recent gains.

However, 10-day SMA near $63.60 can test short-term bulls ahead of directing them to the support line of a two-month-old ascending trend channel, at $61.45 now.

It should be noted that the oil’s declines past-$61.45, which defies the bullish chart formation, needs validation from an upward sloping support line from February 01, currently around $59.50.

Meanwhile, the $66.00 theshold offers an immediate upside hurdle to the WTI buyers ahead of directing them to the stated channel’s resistance line near $67.50 and the latest high of $67.86.

It’s worth mentioning that there are multiple barriers around $68.00, marked during late 2018, that could keep the WTI buyers in check ahead of directing them to the $70.00 round-figure.

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	65.89
Today Daily Change	-0.22
Today Daily Change %	-0.33%
Today daily open	66.11

Trends
Daily SMA20	61.69
Daily SMA50	56.47
Daily SMA100	50.04
Daily SMA200	45.23

Levels
Previous Daily High	66.18
Previous Daily Low	64.5
Previous Weekly High	66.27
Previous Weekly Low	59.17
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	64.22
Daily Fibonacci 61.8%	63.8
Daily Pivot Point S1	63.63
Daily Pivot Point S2	62.47
Daily Pivot Point S3	61.82
Daily Pivot Point R1	65.43
Daily Pivot Point R2	66.07
Daily Pivot Point R3	67.23

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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