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


WTI additional levels


Today last price 40.35
Today Daily Change 0.10
Today Daily Change % 0.25
Today daily open 40.25
Daily SMA20 40.01
Daily SMA50 41.2
Daily SMA100 38.85
Daily SMA200 40.54
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

LIVE: Trump and Biden clash in final debate, tensions are high

US President Trump and former VP Biden have their last chances to influence undecided voters on the national stage. Markets are watching. Live. 


AUD/USD fuelled 0.2% by strong PMI Composite in early Asia

AUD is up on the day so far as early data gives the bulls a head start. Early Asia has been kind to Aussie bulls with the price of the currency extending its late New York gains with a robust Construction PMI report, solidly above the 50.0 expansion level, arriving at 54.2.


Gold: Bears seeking a continuation below key daily support

Gold prices are back under pressure and below a critical trendline on the daily chart. The swing trading opportunities are caught up in the wash of volatility. A day trading strategy could offer an opportunity if price obeys market structure.

Gold News

USD/JPY probes resistance at 104.94 as Japan's core CPI drops

USD/JPY tested former support-turned-hurdle at 104.94 (Oct. 2 low) a few minutes ago as Japan's consumer prices slipped for the second straight month in September. The resistance has held intact, forcing the currency pair back to 104.80.


WTI bulls keep the fuell buring into Wall Street close

West Texas Intermediate crude oil is higher on the day, although has run into resistance and started to consolidate.

Oil News