WTI Price Analysis: Pressured below $25.00, weekly trendline, 200-HMA in focus


  • WTI remains on the back foot below short-term key resistances.
  • Sellers await a clear break below 61.8% Fibonacci retracement, Wednesday’s top adds to resistance.
  • A gradual weakness in prices, also portrayed by RSI, keeps sellers hopeful.

WTI declines to $24.12, down 0.20%, amid the Asian session on Friday.  The oil benchmark remains below a short-term falling trend line from March 20 as well as 200-HMA.

In addition to the black gold’s sustained trading below key technical indicators, weak RSI conditions also favor the sellers.

However, 61.8% Fibonacci retracement of March18-20 upside, at $23.65, could offer immediate support ahead of driving the oil prices down to $22.20 and $21.00.

On the upside, the aforementioned resistance line, at $24.80, followed by a 200-HMA level of $25.35, can keep challenging the short-term buyers.

Further, the week’s top near $25.85 acts as an additional upside barrier during the quote’s break beyond $25.35.

WTI hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 24.16
Today Daily Change -0.92
Today Daily Change % -3.67%
Today daily open 25.08
 
Trends
Daily SMA20 34.43
Daily SMA50 45.54
Daily SMA100 52.25
Daily SMA200 54.13
 
Levels
Previous Daily High 25.85
Previous Daily Low 23.71
Previous Weekly High 31.9
Previous Weekly Low 20.57
Previous Monthly High 54.69
Previous Monthly Low 43.95
Daily Fibonacci 38.2% 25.03
Daily Fibonacci 61.8% 24.53
Daily Pivot Point S1 23.91
Daily Pivot Point S2 22.74
Daily Pivot Point S3 21.78
Daily Pivot Point R1 26.05
Daily Pivot Point R2 27.02
Daily Pivot Point R3 28.19

 

 

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