WTI Price Analysis: Slips below $41.00 inside monthly ascending triangle


  • WTI remains pressured after stepping back from the resistance line of a short-term triangle.
  • 50-bar SMA offers immediate support, 200-bar SMA adds to the downside filter.
  • A clear break of $42.10 becomes necessary to convince buyers.

WTI fails to keep the late-US session bounce off $40.79 while declining from $41.03 to $40.90 during the early Tuesday morning in Asia. In doing so, the energy benchmark keeps an ascending triangle formation established since October 02 while taking the rest on the 50-bar SMA in the meantime.

Considering the normal RSI conditions, the oil sellers are less likely to look for entries unless witness a break of $40.75 immediate support, comprising 50-bar SMA.

However, the support line of the mentioned triangle and 200-bar SMA, respectively around $40.20 and $39.70, will act as tough nuts to crack for the WTI bears.

On the flip side, the upper line of the triangle, at $41.47 now, won’t be enough to recall the bulls as September 04 high near $42.10 challenges the black gold’s further upside.

Should the quote rises beyond $42.10, the September month’s high of $43.55, followed by the August month’s peak surrounding $43.85, will be in the spotlight.

WTI four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 40.9
Today Daily Change -0.13
Today Daily Change % -0.32%
Today daily open 41.03
 
Trends
Daily SMA20 40.06
Daily SMA50 40.8
Daily SMA100 40.31
Daily SMA200 38.84
 
Levels
Previous Daily High 41.31
Previous Daily Low 40.36
Previous Weekly High 41.56
Previous Weekly Low 39.31
Previous Monthly High 43.56
Previous Monthly Low 36.43
Daily Fibonacci 38.2% 40.72
Daily Fibonacci 61.8% 40.95
Daily Pivot Point S1 40.49
Daily Pivot Point S2 39.95
Daily Pivot Point S3 39.53
Daily Pivot Point R1 41.44
Daily Pivot Point R2 41.85
Daily Pivot Point R3 42.39

 

 

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