WTI Price Analysis: Prints rising wedge on hourly chart beyond $40.00

WTI eases from $40.72 during the initial hour of trading.
Repeated failures to stay positive beyond $41.00 keep sellers hopeful.
A confirmation of the bearish chart pattern highlights $39.40 support confluence.

WTI slips from $40.72 to $40.63 during the early Asian session on Tuesday. The black gold refreshed a two-week high the previous day but marked another pullback from $41.00. In doing so, the energy benchmark portrays a bearish formation, rising wedge, on the hourly chart.

Given the quote’s multiple U-turns from $41.00, coupled with a downside suggesting chart pattern, sellers await a clear break below $40.36 to take fresh entries.

Following a sustained trading past-$40.36, a confluence of 200-HMA and 50% Fibonacci retracement of June 23-25 fall, around $39.40, will be in the spotlight.

Should there be a clear downside below $39.40, June 24 top near $38.60 and June 24 low near $37.60 might offer intermediate halts before dragging oil prices to the previous month’s bottom close to $34.50/45.

Meanwhile, the mentioned bearish formation’s upper line around $41.15 can offer immediate resistance ahead of June month’s top near $41.65.

It should, however, be noted that the bulls’ ability to cross $41.65 enables them to challenge February month low around $44.00.

WTI hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	40.69
Today Daily Change	0.35
Today Daily Change %	0.87%
Today daily open	40.34

Trends
Daily SMA20	38.87
Daily SMA50	32.94
Daily SMA100	33.39
Daily SMA200	44.97

Levels
Previous Daily High	40.54
Previous Daily Low	39.9
Previous Weekly High	40.8
Previous Weekly Low	37.6
Previous Monthly High	41.65
Previous Monthly Low	34.45
Daily Fibonacci 38.2%	40.3
Daily Fibonacci 61.8%	40.15
Daily Pivot Point S1	39.98
Daily Pivot Point S2	39.62
Daily Pivot Point S3	39.34
Daily Pivot Point R1	40.62
Daily Pivot Point R2	40.9
Daily Pivot Point R3	41.26

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