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