WTI Price Analysis: Renews fortnight low near $80.00, focus on short-term support line


  • WTI takes offers to refresh multi-day day low as sellers attack two-month-old trend line support.
  • Pullback in RSI from overbought area, bearish MACD signals hints at further pullback.

WTI remains on the back foot around a two-week bottom close to $80.00 during early Thursday. In doing so, the black gold pokes the key support line from late August while declining for the second consecutive day.

Given the RSI pullback from the overbought area and recently bearish MACD signals giving support to the latest WTI weakness, the quote is likely to extend the losses.

However, a daily closing below the stated support line near $80.70 becomes necessary for the short-term oil bears to take entries. Also acting as a hurdle is the $80.00 psychological magnet.

Should the quote stay depressed past $80.00, odds of witnessing a WTI fall towards July’s top near $76.40 can’t be ruled out.

Alternatively, corrective pullback needs to cross the $82.70 support to recall the WTI bulls. However, an upward sloping trend line from early March, near $84.55, will be a tough nut to crack for them.

Overall, oil prices are likely to witness a pullback but the trend reversal isn’t on the cards.

WTI: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 80.47
Today Daily Change -1.16
Today Daily Change % -1.42%
Today daily open 81.63
 
Trends
Daily SMA20 80.32
Daily SMA50 73.96
Daily SMA100 72.52
Daily SMA200 67.17
 
Levels
Previous Daily High 84.05
Previous Daily Low 81.59
Previous Weekly High 83.92
Previous Weekly Low 80.61
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 82.53
Daily Fibonacci 61.8% 83.11
Daily Pivot Point S1 80.8
Daily Pivot Point S2 79.96
Daily Pivot Point S3 78.33
Daily Pivot Point R1 83.26
Daily Pivot Point R2 84.89
Daily Pivot Point R3 85.73

 

 

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