WTI Price Analysis: Regains $36 even as MACD signals further downside


  • WTI keeps pullback moves from the mid-June lows marked on Thursday.
  • Four-month-old descending trend line offers immediate support.
  • 200-day SMA challenges the corrective bounce below a falling resistance line from August 26.

WTI prints mid intraday gains while trying to keep the U-turn from the multi-day low of $35.08 flashed the previous day. In doing so, the black gold picks up bids near $36.35 ahead of Friday’s Tokyo open.

While a failure to provide a daily closing below a falling trend line from June 25 triggered the commodity’s latest U-turn, the quote remains below 200-day SMA amid the most bearish MACD signals in seven weeks.

As a result, the current recovery moves can be ignored unless breaking the 200-day SMA level of $37.73, which in turn holds the key to the energy benchmark’s run-up to the short-term resistance line, at $41.50. However, the $40.00 psychological magnet can offer an intermediate halt during the rise.

On the contrary, a downside break below the stated support line, currently around $36.00, will aim for the June 15 low of $34.65 before directing the WTI bears to the June month’s bottom surrounding $34.45.

Should WTI remains offered below $34.45, May 22 low near $30.85 and the $30.00 round-figure will be important to watch.

WTI daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 36.29
Today Daily Change -1.22
Today Daily Change % -3.25%
Today daily open 37.51
 
Trends
Daily SMA20 39.98
Daily SMA50 40.35
Daily SMA100 40.46
Daily SMA200 38.09
 
Levels
Previous Daily High 39.14
Previous Daily Low 37.11
Previous Weekly High 41.93
Previous Weekly Low 39.65
Previous Monthly High 43.56
Previous Monthly Low 36.43
Daily Fibonacci 38.2% 37.88
Daily Fibonacci 61.8% 38.36
Daily Pivot Point S1 36.7
Daily Pivot Point S2 35.89
Daily Pivot Point S3 34.67
Daily Pivot Point R1 38.72
Daily Pivot Point R2 39.94
Daily Pivot Point R3 40.75

 

 

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