WTI Price Analysis: Recovery from $52.24 pauses near Wednesday's high

WTI's bounce stalls near Wednesday's high of $53.93.
The 4-hour chart indicator signals scope for a pullback.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude, the North American oil benchmark, is trading near $53.70 at press time, representing a 0.22% gain on the day.

Having turned higher from $52.24 on Thursday, prices almost tested Wednesday's high of $53.93 a couple of hours ago before pulling back slightly.

Another rejection near $54.00 would imply uptrend exhaustion and invite some chart-driven selling (or profit-taking), yielding a price pullback. Thursday's low of $52.24 is the immediate support, followed by $50.00.

The bearish divergence of the 4-hour chart Relative Strength Index (RSI) favors price pullback.

That said, the overall trend would remain bullish as long as prices are held above the former hurdle-turned-support of $49.43 (Dec. 18 high). Key resistance is located at $54.66 (Feb. 20 high).

4-hour chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price	53.66
Today Daily Change	-0.02
Today Daily Change %	-0.04
Today daily open	53.68

Trends
Daily SMA20	49.65
Daily SMA50	46.39
Daily SMA100	43.04
Daily SMA200	39.16

Levels
Previous Daily High	53.77
Previous Daily Low	52.3
Previous Weekly High	52.56
Previous Weekly Low	47.26
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	53.21
Daily Fibonacci 61.8%	52.86
Daily Pivot Point S1	52.73
Daily Pivot Point S2	51.78
Daily Pivot Point S3	51.26
Daily Pivot Point R1	54.19
Daily Pivot Point R2	54.71
Daily Pivot Point R3	55.66

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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