WTI Price Analysis: Recedes from $40.00 following Tuesday’s Hanging Man candle


  • WTI eases from one week high after flashing a bearish candlestick the previous day.
  • An ascending trend line from May 28 appears on the sellers’ radar.
  • June month’s top adds to the upside barrier beyond $40.10.

WTI steps back from weekly highs to $39.69 amid the initial Tokyo session trading on Wednesday. The black gold’s recent weakness justifies Tuesday’s bearish candlestick formation on the daily chart.

Hence, sellers are currently targeting a re-test to the five-week-old support line, at $37.90, during the further declines. However, a $39.00 round-figure is expected to offer immediate rest to the energy benchmark.

If at all the bears dominate past-$37.90, the mid-June low near $34.70 and May 28 bottom surrounding $31.30 could return to the charts.

On the flip side, a clear break above the previous day’s high near $40.10 will defy the candlestick formation and trigger the commodity’s recovery moves towards June 08 top near $40.60 ahead of challenging the last month’s peak close to $41.65/70.

Other than the technical details, oil traders will also keep eyes on the weekly readings of the US Crude Oil Stocks Change, expected -0.95M versus 1.442M prior, published by the Energy Information Administration (EIA).

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 39.71
Today Daily Change -0.13
Today Daily Change % -0.33%
Today daily open 39.84
 
Trends
Daily SMA20 38.52
Daily SMA50 31.4
Daily SMA100 33.7
Daily SMA200 45.25
 
Levels
Previous Daily High 40.1
Previous Daily Low 38.9
Previous Weekly High 41.65
Previous Weekly Low 37.18
Previous Monthly High 41.65
Previous Monthly Low 34.45
Daily Fibonacci 38.2% 39.64
Daily Fibonacci 61.8% 39.36
Daily Pivot Point S1 39.13
Daily Pivot Point S2 38.42
Daily Pivot Point S3 37.93
Daily Pivot Point R1 40.32
Daily Pivot Point R2 40.81
Daily Pivot Point R3 41.52

 

 

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