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
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Trend: Bullish
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
