WTI Price Analysis: Retreats from two-month high, sellers need validation from $79.50

WTI steps back from multi-day high, pressured around intraday low.
Overbought RSI triggers pullback but three-week-old support line, 23.6% Fibonacci retracement limits immediate downside.
Multiple levels since late October restricts immediate upside.

Anil Panchal FXStreet

WTI crude oil buyers take a breather after a two-day uptrend near the highest level since early November. That said, the US oil benchmark drops 0.25% intraday while taking rounds to $81.90 of late.

Overbought RSI conditions triggered the WTI pullback from a multi-day high. However, the commodity’s further weakness remains doubtful until its stays beyond the $79.50 support confluence, comprising ascending trend line from December 21 and 23.6% Fibonacci retracement of August-October 2021 upside.

In a case where WTI drops below $79.50, January 10 swing low near $78.00 should return to the chart. Though, a convergence of the previous resistance line from October, a six-week-old upward sloping trend line and 38.2% Fibo level, near $76.15, becomes a tough nut to crack for the bears.

Meanwhile, the quote’s further upside will wait for the fresh multi-day high, currently around $82.50, before challenging a three-month-long horizontal area near $83.50-84.00.

Should oil prices rally past $84.00, the latest high surrounding $85.00 and the $90.00 psychological magnet will be on the trader’s radar.

To sum up, oil prices retreat but the bulls are not out of the woods yet.

WTI: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	81.89
Today Daily Change	-0.22
Today Daily Change %	-0.27%
Today daily open	82.11

Trends
Daily SMA20	75.51
Daily SMA50	74.92
Daily SMA100	75.27
Daily SMA200	71.58

Levels
Previous Daily High	82.48
Previous Daily Low	80.61
Previous Weekly High	79.97
Previous Weekly Low	74.12
Previous Monthly High	77.26
Previous Monthly Low	62.34
Daily Fibonacci 38.2%	81.76
Daily Fibonacci 61.8%	81.33
Daily Pivot Point S1	80.99
Daily Pivot Point S2	79.87
Daily Pivot Point S3	79.13
Daily Pivot Point R1	82.85
Daily Pivot Point R2	83.59
Daily Pivot Point R3	84.71

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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