• WTI consolidates the previous day’s gains that probed the monthly high around $43.65.
  • A three-day-old ascending trend line challenges the sellers below bollinger.
  • Bulls need a clear break of $44.00 to keep controls.

WTI drops to $43.38, down 0.20% on a day, ahead of Wednesday’s Asian session. In doing so, the oil benchmark fades Tuesday’s upside momentum that challenged the monthly high near $43.65.

However, the oil prices are currently testing the lower band of the bollinger, which in turn suggests no further downside, which if ignored can highlight an ascending trend line from Friday, at $43.10 as the key support.

In a case where the bears refrain from respecting $43.10, the weekly low around $42.30 will be in the spotlight.

On the contrary, a falling trend line connecting the highs since yesterday, near $43.50, offers immediate resistance ahead of the monthly top surrounding $43.65.

During the quote’s run-up past-$43.65, the February month’s low if $43.94 will be the key as it holds the gate for the quote’s run-up to March month’s peak close to $48.75.

WTI 30-minute chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 43.4
Today Daily Change -0.08
Today Daily Change % -0.18%
Today daily open 43.48
 
Trends
Daily SMA20 42.15
Daily SMA50 41.02
Daily SMA100 34.99
Daily SMA200 42.47
 
Levels
Previous Daily High 43.64
Previous Daily Low 42.46
Previous Weekly High 43.3
Previous Weekly Low 41.51
Previous Monthly High 42.52
Previous Monthly Low 38.73
Daily Fibonacci 38.2% 43.19
Daily Fibonacci 61.8% 42.91
Daily Pivot Point S1 42.75
Daily Pivot Point S2 42.01
Daily Pivot Point S3 41.57
Daily Pivot Point R1 43.93
Daily Pivot Point R2 44.38
Daily Pivot Point R3 45.11

 

 

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