WTI Price Analysis: Sidelined in Asia with bearish RSI divergence on 4H


A barrel of West Texas Intermediate (WTI) crude, the North American oil benchmark, is currently changing hands near $52.82. Oil is trading largely unchanged on the day, having faced rejection near $54.00 on Wednesday. 

According to the bearish divergence of the 4-hour chart Relative Strength Index (RSI), the pullback from Wednesday's high could be extended to the 4-hour chart 50-candle Simple Moving Average (SMA) support, currently at $52.15. 

A violation there would expose the higher low of $51.50 created on the 4-hour chart on Jan. 11. 

A move above $53.40, the high of the right shoulder of the 15-minute chart head-and-shoulders pattern, would open the doors for a re-test of $53.93 (Jan. 13 high). 

4-hour chart

Trend: Bull market pullback

Technical levels

WTI

Overview
Today last price 52.82
Today Daily Change -0.04
Today Daily Change % -0.08
Today daily open 52.91
 
Trends
Daily SMA20 49.39
Daily SMA50 46.09
Daily SMA100 42.94
Daily SMA200 39.03
 
Levels
Previous Daily High 53.94
Previous Daily Low 52.61
Previous Weekly High 52.56
Previous Weekly Low 47.26
Previous Monthly High 49.43
Previous Monthly Low 44.01
Daily Fibonacci 38.2% 53.11
Daily Fibonacci 61.8% 53.43
Daily Pivot Point S1 52.37
Daily Pivot Point S2 51.82
Daily Pivot Point S3 51.04
Daily Pivot Point R1 53.7
Daily Pivot Point R2 54.48
Daily Pivot Point R3 55.03

 

 

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