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.

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

Today last price 25.12
Today Daily Change 0.04
Today Daily Change % 0.16%
Today daily open 25.08
Daily SMA20 34.43
Daily SMA50 45.54
Daily SMA100 52.25
Daily SMA200 54.13
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



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