WTI Price Analysis: Sluggish above $25.00 amid bullish MACD

WTI seesaws within a small range around 23.6% Fibonacci retracement.
$21.92/87 can add to the support whereas 50% of Fibonacci retracement may act as extra resistance.

Anil Panchal FXStreet

While keeping nearly $2 choppy range momentum, WTI seesaws around $25.10, up 0.08%, during the pre-Europe session on Thursday.

The black gold currently drops towards the 23.6% Fibonacci retracement of March 11-18 fall, near $24.37, a break of which will highlight the range-support near $23.70.

In a case where the bears manage to conquer $23.70, $21.92/87 can offer a filter during the declines targeting the recent low near $20.57.

On the upside, sustained trading past-$25.85 could escalate the recovery moves towards 50% Fibonacci retracement level near $28.60 and 61.8% Fibonacci retracement around $30.50/55.

It should also be noted that the prices are near multi-year lows and the MACD is flashing bullish signals, which in turn could help extend the pullback moves.

WTI four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price	25.12
Today Daily Change	0.04
Today Daily Change %	0.16%
Today daily open	25.08

Trends
Daily SMA20	34.43
Daily SMA50	45.54
Daily SMA100	52.25
Daily SMA200	54.13

Levels
Previous Daily High	25.85
Previous Daily Low	23.71
Previous Weekly High	31.9
Previous Weekly Low	20.57
Previous Monthly High	54.69
Previous Monthly Low	43.95
Daily Fibonacci 38.2%	25.03
Daily Fibonacci 61.8%	24.53
Daily Pivot Point S1	23.91
Daily Pivot Point S2	22.74
Daily Pivot Point S3	21.78
Daily Pivot Point R1	26.05
Daily Pivot Point R2	27.02
Daily Pivot Point R3	28.19

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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