• WTI bulls flirt with March 2020 high amid overbought RSI conditions.
  • Bearish chart pattern, multiple upside hurdles question further advances.
  • 10-day SMA guards immediate downside, $39.80 becomes the key support.

WTI prints a four-day winning streak as buyers attack the March 2018 high. The energy benchmark recently refreshed the multi-day peak to $48.58, currently up 1.1% near $48.55, during early Thursday.

Even so, multiple resistances to the north, coupled with the overbought RSI conditions on the daily (D1) chart, suggest the black gold’s pullback.

As a result, 10-day SMA, at $46.87, is closely watched as nearby support before directing the oil sellers towards the $45.00 and the monthly bottom near $44.20. However, November’s top near $43.30 and multiple upticks marked in September and October around $42.00 can restrict the quote’s further downside.

In a case where the WTI bears keep reins below $42.00, $40.00 psychological magnet and the support line of a nine-month-old bearish formation, rising wedge, around $39.80, will be the key to watch.

Alternatively, March high precede February lows, respectively around $48.75 and $49.45, to challenge the WTI buyers ahead of the $50.00 round-figure. Also acting as a strong resistance is the upper line of the wedge, at $50.35 now.

WTI daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 48.56
Today Daily Change 0.54
Today Daily Change % 1.12%
Today daily open 48.02
 
Trends
Daily SMA20 45.49
Daily SMA50 42.14
Daily SMA100 41.51
Daily SMA200 36.78
 
Levels
Previous Daily High 48.11
Previous Daily Low 47.34
Previous Weekly High 47.85
Previous Weekly Low 45.1
Previous Monthly High 46.31
Previous Monthly Low 33.85
Daily Fibonacci 38.2% 47.82
Daily Fibonacci 61.8% 47.63
Daily Pivot Point S1 47.54
Daily Pivot Point S2 47.06
Daily Pivot Point S3 46.77
Daily Pivot Point R1 48.31
Daily Pivot Point R2 48.59
Daily Pivot Point R3 49.07

 

 

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