|

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.

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 price53.66
Today Daily Change-0.02
Today Daily Change %-0.04
Today daily open53.68
 
Trends
Daily SMA2049.65
Daily SMA5046.39
Daily SMA10043.04
Daily SMA20039.16
 
Levels
Previous Daily High53.77
Previous Daily Low52.3
Previous Weekly High52.56
Previous Weekly Low47.26
Previous Monthly High49.43
Previous Monthly Low44.01
Daily Fibonacci 38.2%53.21
Daily Fibonacci 61.8%52.86
Daily Pivot Point S152.73
Daily Pivot Point S251.78
Daily Pivot Point S351.26
Daily Pivot Point R154.19
Daily Pivot Point R254.71
Daily Pivot Point R355.66

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

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

More from Omkar Godbole
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD gathers recovery momentum, trades near 1.1750

Following the correction seen in the second half of the previous week, EUR/USD gathers bullish momentum and trades in positive territory near 1.1750. The US Dollar (USD) struggles to attract buyers and supports the pair as investors await Tuesday's GDP data ahead of the Christmas holiday. 

GBP/USD rises toward 1.3450 on renewed USD weakness

GBP/USD turns north on Monday and avances to the 1.3450 region. The US Dollar (USD) stays on the back foot to begin the new week as investors adjust their positions before tomorrow's third-quarter growth data, helping the pair stretch higher.

Gold not done with record highs

Gold extends its rally in the American session on Monday and trades at a new all-time-high above $4,420, gaining nearly 2% on a daily basis. The potential for a re-escalation of the tensions in the Middle East on news of Israel planning to attack Iran allows Gold to capitalize on safe-haven flows.

Top 10 crypto predictions for 2026: Institutional demand and big banks could lift Bitcoin

Bitcoin could hit record highs in 2026, according to Grayscale and top crypto asset managers. Institutional demand and digital-asset treasury companies set to catalyze gains in Bitcoin.

Ten questions that matter going into 2026

2026 may be less about a neat “base case” and more about a regime shift—the market can reprice what matters most (growth, inflation, fiscal, geopolitics, concentration). The biggest trap is false comfort: the same trades can look defensive… right up until they become crowded.

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.