WTI Price Analysis: Sellers continue to lurk near $40.80


  • WTI edges lower, with 21-HMA support at risk.
  • A firm break above $40.80 is critical to extending the rebound.
  • Hourly RSI points south and heads towards the bearish zone.

WTI (futures on NYMEX) turns south towards the $40 mark in the European session, having faced rejection above $40.50 on several occasions.

The price now tests the critical upward-sloping 21-HMA at $40.35, below which the downside will open up towards the powerful support around $40, which the confluence of the 50, 100 and 200-HMAs.

Acceptance below the latter will bring the rising trendline support at $39.41 back in play.

The hourly Relative Strength Index (RSI) has turned south and heads towards the bearish region, currently at 52.10, suggesting that the bearish momentum has gained traction.

Alternatively, the horizontal trend line (orange) resistance at $40.80 is needed to be taken out, in order to extend Thursday’s comeback from near $39.20 region.

The $41 barrier will be the next target for the buyers, above which Monday’s high of $41.51 could be exposed.

WTI hourly chart

fxsoriginal

WTI additional levels

WTI

Overview
Today last price 40.35
Today Daily Change 0.10
Today Daily Change % 0.25
Today daily open 40.25
 
Trends
Daily SMA20 40.01
Daily SMA50 41.2
Daily SMA100 38.85
Daily SMA200 40.54
 
Levels
Previous Daily High 40.43
Previous Daily Low 39.2
Previous Weekly High 41.75
Previous Weekly Low 37.08
Previous Monthly High 43.86
Previous Monthly Low 39.75
Daily Fibonacci 38.2% 39.96
Daily Fibonacci 61.8% 39.67
Daily Pivot Point S1 39.49
Daily Pivot Point S2 38.73
Daily Pivot Point S3 38.26
Daily Pivot Point R1 40.72
Daily Pivot Point R2 41.19
Daily Pivot Point R3 41.95

 


 

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