- WTI consolidates weekly gains near highest levels in 12 days.
- Bulls keep reigns until the quote stays beyond 200-DMA, three-week-old trend line confluence.
- Weekly support line adds to the downside filters, mid-month high lures buyers.
WTI refreshes intraday low near $73.00, down 0.15% on a day, amid Friday’s Asian session. In doing so, the energy benchmark eases from the highest since July 14, probed the previous day after crossing a convergence of 200-DMA and multi-day-old resistance line, now support surrounding $72.30-25.
Given the overbought RSI conditions, the quote may witness further pullback towards $72.30-25 support but any further downside will become a concern for the oil buyers.
Even so, an ascending support line from July 22, near $71.60, offers an extra check before recalling the WTI bears targeting the $70.00 round figure and $69.70 level comprising July 22 low.
Meanwhile, fresh upside may wait for a clear break of $73.40 to aim for July 13 peak surrounding $74.90 and the $75.00 threshold.
However, any further upside won’t hesitate to challenge the monthly high near $76.40.
WTI: Four-hour chart
Additional important levels
|Today last price||73.04|
|Today Daily Change||0.90|
|Today Daily Change %||1.25%|
|Today daily open||72.14|
|Previous Daily High||72.36|
|Previous Daily Low||71.49|
|Previous Weekly High||72|
|Previous Weekly Low||64.99|
|Previous Monthly High||74.17|
|Previous Monthly Low||66.78|
|Daily Fibonacci 38.2%||72.03|
|Daily Fibonacci 61.8%||71.83|
|Daily Pivot Point S1||71.63|
|Daily Pivot Point S2||71.13|
|Daily Pivot Point S3||70.76|
|Daily Pivot Point R1||72.5|
|Daily Pivot Point R2||72.87|
|Daily Pivot Point R3||73.37|
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