WTI Price Analysis: Respects Dragonfly Doji bullish candlestick to snap three-day downtrend


  • WTI remains mildly bid after consecutive three days of downbeat performance.
  • Bullish candlestick formation, sustained bounce off 21-DMA favor buyers.
  • Previous support line, 50-DMA challenges immediate upside ahead of the monthly high.

WTI crude oil prints the first daily gains in three despite making rounds between $78.50 and $79.00 during early Friday.

In doing so, the black gold respects the Dragonfly Doji bullish candlestick, marked the previous day, amid bullish MACD signals.

Also favoring the upside bias is the quote’s successful rebound from the 21-DMA, around $76.60 by the press time.

However, the support-turned-resistance line from early December, near $79.65 at the latest, precedes the $80.00 round figure to restrict the immediate upside of the energy benchmark.

Additionally challenging the WTI bulls is the 50-DMA hurdle surrounding $81.00 and the monthly peak of $83.30.

In a case where the commodity prices remain firmer past $83.30, the odds of witnessing a run-up toward the $90.00 threshold can’t be ruled out.

On the flip side, the sellers need validation from the 21-DMA support of $76.60 to aim for the mid-December lows surrounding $73.50.

If at all the crude oil price weakens below $73.50, the monthly low around $70.30 and the $70.00 psychological magnet will gain the market’s attention as a break of which could favor WTI bears to aim for late December 2021 bottom near $66.10.

WTI: Daily chart

Trend: Limited upside expected

additional important levels

Overview
Today last price 78.75
Today Daily Change 0.08
Today Daily Change % 0.10%
Today daily open 78.67
 
Trends
Daily SMA20 76.48
Daily SMA50 81.12
Daily SMA100 83.82
Daily SMA200 93.9
 
Levels
Previous Daily High 78.93
Previous Daily Low 76.86
Previous Weekly High 80.29
Previous Weekly Low 74.04
Previous Monthly High 92.92
Previous Monthly Low 73.66
Daily Fibonacci 38.2% 77.65
Daily Fibonacci 61.8% 78.14
Daily Pivot Point S1 77.38
Daily Pivot Point S2 76.08
Daily Pivot Point S3 75.31
Daily Pivot Point R1 79.44
Daily Pivot Point R2 80.22
Daily Pivot Point R3 81.51

 

 

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