• 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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays under bearish pressure, closes in on 1.0500

EUR/USD stays under bearish pressure, closes in on 1.0500

EUR/USD has extended its daily slide in the American session and declined below 1.0530. The one-year inflation expectations of the Conference Board's Consumer Confidence Survey climbed to 8% in June from 7.5% in May, providing a boost to the greenback. 

EUR/USD News

GBP/USD continues to push lower toward 1.2200

GBP/USD continues to push lower toward 1.2200

GBP/USD has turned south in the American session and slid toward 1.2200. The US Dollar Index extended its daily rally toward 104.50 after the latest US data on Tuesday, forcing the pair to stay under bearish pressure. 

GBP/USD News

Gold continues to fluctuate in tight range above $1,820

Gold continues to fluctuate in tight range above $1,820

Gold is having a difficult time making a decisive move in either direction on Tuesday and fluctuating in a narrow range above $1,820. As investors assess the latest data releases from the US, the 10-year US T-bond yield clings to modest gains above 3.2%.

Gold News

Former Ripple CTO is dumping millions of XRP, traders beware

Former Ripple CTO is dumping millions of XRP, traders beware

XRP price shows promise that it is ready to trigger a massive run-up as the first half of the year comes to an end. There are three reasons why investors should be bullish on Ripple.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures