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

Overview
Today last price 70.67
Today Daily Change 0.24
Today Daily Change % 0.34%
Today daily open 70.43
 
Trends
Daily SMA20 67.55
Daily SMA50 69.36
Daily SMA100 68.82
Daily SMA200 62.64
 
Levels
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

 

 

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