WTI Price Analysis: Overbought RSI triggers pullback around $73.00


  • 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

Trend: Bullish

Additional important levels

Overview
Today last price 73.04
Today Daily Change 0.90
Today Daily Change % 1.25%
Today daily open 72.14
 
Trends
Daily SMA20 72.1
Daily SMA50 70.61
Daily SMA100 66.64
Daily SMA200 58.21
 
Levels
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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