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.

Anil Panchal FXStreet

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

Overview
Today last price	33.95
Today Daily Change	0.35
Today Daily Change %	1.04%
Today daily open	33.6

Trends
Daily SMA20	24.11
Daily SMA50	25.32
Daily SMA100	39.33
Daily SMA200	47.95

Levels
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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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