WTI Price Analysis: Sellers attack monthly support line around $82.00


  • WTI extends previous day’s losses, stays near intraday low.
  • 100-SMA adds to the downside filters targeting 200-SMA.
  • Steady RSI suggests further grinding ahead of weekly inventory data, Fed.

WTI crude oil remains on the back foot around $81.90, down 0.42% intraday during early Wednesday.

The black gold snapped a three-day uptrend while reversing before the weekly resistance line the previous day. However, the quote’s latest declines battle 100-SMA and an ascending support line from early October to keep bears hopeful.

Given the steady RSI line, the commodity prices are likely to grind near the stated technical supports, namely 100-SMA level of $82.00 and the monthly trend line support near $81.50.

Should the oil prices drop below $81.50, the last weeks’ swing low near the $80.00 threshold will act as an intermediate halt during the fall towards the 200-SMA level of $78.54.

Meanwhile, corrective pullback remains less interesting until staying below the stated resistance line, close to $83.70 by the press time.

Following that, a run-up to the recent multi-month high of around $85.40 can’t be ruled out.

To sum up, oil bears are bracing for entry but awaits weekly official inventory data from the US Energy Information Administration (EIA), as well as the US Federal Reserve (Fed) meeting conclusion.

WTI: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 81.9
Today Daily Change -0.35
Today Daily Change % -0.43%
Today daily open 82.25
 
Trends
Daily SMA20 81.5
Daily SMA50 75.4
Daily SMA100 72.99
Daily SMA200 67.76
 
Levels
Previous Daily High 83.57
Previous Daily Low 82.15
Previous Weekly High 84.98
Previous Weekly Low 80.14
Previous Monthly High 84.98
Previous Monthly Low 74.06
Daily Fibonacci 38.2% 82.69
Daily Fibonacci 61.8% 83.02
Daily Pivot Point S1 81.74
Daily Pivot Point S2 81.24
Daily Pivot Point S3 80.32
Daily Pivot Point R1 83.16
Daily Pivot Point R2 84.07
Daily Pivot Point R3 84.58

 

 

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