WTI Price Analysis: Pullback from 100-EMA eyes weekly support line at $76.00


  • WTI takes offers to refresh intraday low, prints the biggest daily losses in a week.
  • Descending RSI line, failures to cross 100-EMA favor sellers.
  • Break of $76.00 will confirm bearish chart pattern signaling further declines to $71.50.

WTI stands on slippery ground, down over 2.0% near $76.40 during early Friday. In doing so, the black gold drops the most in a week amid the three-day downtrend.

A one-week-old ascending triangle bearish formation portrays the commodity’s latest weakness, coupled with a downward sloping RSI line.

The quote currently drops towards the pattern’s support line near $76.00, a break of which confirms the theoretical fall towards the $71.50 level.

However, the recent low near $74.60 and July’s top of $74.20, followed by September’s high near $73.10, will act as intermediate halts during the south-run.

Meanwhile, the corrective pullback will eye for the 100-EMA level of $78.70 before directing the quote towards the stated triangle’s resistance surrounding the $79.00-20 area.

In a case where the WTI crude oil rises past $79.20, bulls will aim for the November 11 top near $81.10 before challenging the November 09 peak of $83.60.

Overall, WTI prices are likely to remain weak but a clear break of the stated triangle becomes necessary for the bears to keep reins.

WTI: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 76.39
Today Daily Change -1.71
Today Daily Change % -2.19%
Today daily open 78.1
 
Trends
Daily SMA20 79.63
Daily SMA50 78.75
Daily SMA100 74.03
Daily SMA200 69.69
 
Levels
Previous Daily High 78.47
Previous Daily Low 77.6
Previous Weekly High 80.67
Previous Weekly Low 75
Previous Monthly High 84.98
Previous Monthly Low 74.06
Daily Fibonacci 38.2% 78.14
Daily Fibonacci 61.8% 77.93
Daily Pivot Point S1 77.64
Daily Pivot Point S2 77.18
Daily Pivot Point S3 76.77
Daily Pivot Point R1 78.52
Daily Pivot Point R2 78.93
Daily Pivot Point R3 79.39

 

 

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