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

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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