WTI Price Analysis: Sellers look for entry below weekly support line under $34.00

  • WTI struggles to remain strong around 10-week top of $34.74.
  • Weekly horizontal support add to the downside barriers.
  • Bulls may aim to fill the early-March gap during the fresh run-up.

WTI again bounces off the weekly support line while taking rounds to $34.05/10 amid the initial Asian session on Friday.

Even so, the black gold stays comfortably below the previous day’s top, also the highest since March 11, around $34.75.

In a case where the quote’s sustained trading beyond the support line enables it to cross $34.75, the bulls may target to fill the gap between March 11 top of $36.64 and March 06 low near $41.20.

Meanwhile, a downside break of $33.90, comprising the aforementioned support line, could drag the energy benchmark to the weekly horizontal support area near $33.10/33.00.

If at all the bears manage to dominate past-$33.00, $31.20 and $30.00 will be on their radars.

WTI 30-minutes chart

Trend: Pullback expected

Additional important levels

Today last price 33.95
Today Daily Change 0.35
Today Daily Change % 1.04%
Today daily open 33.6
Daily SMA20 24.11
Daily SMA50 25.32
Daily SMA100 39.33
Daily SMA200 47.95
Previous Daily High 33.85
Previous Daily Low 31.67
Previous Weekly High 29.84
Previous Weekly Low 24.64
Previous Monthly High 32.21
Previous Monthly Low 8.46
Daily Fibonacci 38.2% 33.02
Daily Fibonacci 61.8% 32.5
Daily Pivot Point S1 32.23
Daily Pivot Point S2 30.86
Daily Pivot Point S3 30.06
Daily Pivot Point R1 34.41
Daily Pivot Point R2 35.21
Daily Pivot Point R3 36.58



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