WTI Price Analysis: Refreshes nine-month high above $46.00 on bullish flag confirmation

WTI seesaws around $46.38-63 after rising to the fresh high since March 2020.
Confirmation of the bullish chart pattern, lack of overbought RSI favors the oil buyers.
200-bar SMA offers key support, pullback moves can aim for the early-November top.

Anil Panchal FXStreet

WTI picks up the bids near $46.50, up 1.75% intraday, while taking rounds to the nearly 25-pip trading range during early Friday. The energy benchmark recently surged to $46.63, the highest level in months, after confirming the bullish flag chart pattern on the four-hour play.

Not only the confirmation of the bullish formation but absence of the overbought RSI conditions also suggests further increase in the price of the black gold.

As a result, a gradual run-up towards the March 2020 high near $48.70 becomes more expected.

Following that, February low near $49.45 and the $50.00 round-figure will gain the bulls’ attention.

On the downside, pullback moves below the flag’s upper line, at $45.40 now, may revisit the flag’s support, currently around $43.75.

Though, any further weakness below $43.75 will eye the November 11 top near $43.30.

WTI four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	46.48
Today Daily Change	0.76
Today Daily Change %	1.66%
Today daily open	45.72

Trends
Daily SMA20	42.88
Daily SMA50	40.85
Daily SMA100	41.03
Daily SMA200	36.68

Levels
Previous Daily High	45.92
Previous Daily Low	44.76
Previous Weekly High	46.31
Previous Weekly Low	42.34
Previous Monthly High	46.31
Previous Monthly Low	33.85
Daily Fibonacci 38.2%	45.47
Daily Fibonacci 61.8%	45.2
Daily Pivot Point S1	45.01
Daily Pivot Point S2	44.3
Daily Pivot Point S3	43.85
Daily Pivot Point R1	46.17
Daily Pivot Point R2	46.62
Daily Pivot Point R3	47.33

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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