WTI Price Analysis: Prints three-day uptrend on the way to $71.00

  • WTI stays firmer around six-week high, picks up bids of late.
  • Bullish MACD, sustained rebound from 100-day EMA, upside break of multi-day-old resistance line favor buyers.
  • 61.8% Fibonacci retracement of July-August fall guards immediate upside.

WTI takes the bids around $70.65, up 0.30% intraday during early Tuesday. In doing so, the black gold rises for the third consecutive day after refreshing the highest levels since early August the previous day.

Given the bullish MACD signals and the quote’s ability to keep recovery moves from 100-day EMA, not to forget breaking a downward sloping resistance line from July 03, WTI stays directed towards the 61.8% Fibonacci retracement (Fibo) level surrounding $70.85.

Following that, the $71.00 threshold will act as a validation point before fueling the energy prices towards the late July tops near $73.90.

Meanwhile, the resistance-turned-support near $69.45 acts as an immediate catalyst to trigger the profit-booking moves if broken.

Even so, WTI bears will remain skeptical unless witnessing a clear downside break of $67.40 comprising 100-day EMA and 38.2% Fibo.

In a case where the commodity prices remain pressured towards the south following the $67.40 breakdown, a two-month-old horizontal area around $65.00 will be in focus.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Today last price 70.67
Today Daily Change 0.24
Today Daily Change % 0.34%
Today daily open 70.43
Daily SMA20 67.55
Daily SMA50 69.36
Daily SMA100 68.82
Daily SMA200 62.64
Previous Daily High 70.72
Previous Daily Low 69.3
Previous Weekly High 69.75
Previous Weekly Low 67.41
Previous Monthly High 73.54
Previous Monthly Low 61.73
Daily Fibonacci 38.2% 70.18
Daily Fibonacci 61.8% 69.85
Daily Pivot Point S1 69.58
Daily Pivot Point S2 68.73
Daily Pivot Point S3 68.16
Daily Pivot Point R1 71
Daily Pivot Point R2 71.58
Daily Pivot Point R3 72.43



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.


GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 


XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more