WTI Price Analysis: Sustained break of 10-day SMA keeps buyers hopeful


  • WTI consolidates recent gains.
  • Oversold RSI conditions, sustained break of short-term SMA favor buyers.
  • 200-day SMA keeps being a tough nut to crack for the bulls.

WTI steps back to $51.72 while heading into the European session on Friday. the oil benchmark crossed 10-day SMA for the first time since early January on Wednesday and has been above that afterward. Also supporting the bullish sentiment is oversold RSI conditions.

As a result, buyers can take aim on January 29 to surrounding $54.38 whereas November 2019 low near $55.00 could challenge the upside then after.

If at all the oil prices remain on the front foot past-$55, a 200-day SMA level around $56.60 will be in the spotlight.

Meanwhile, the black gold’s declines below 10-day SMA level of $50.80 can take rest at the latest lows, also the multi-year low, near $49.40.

WTI daily chart

Trend: Recovery expected

Additional important levels

Overview
Today last price 51.7
Today Daily Change -0.12
Today Daily Change % -0.23%
Today daily open 51.82
 
Trends
Daily SMA20 53.11
Daily SMA50 57.35
Daily SMA100 56.5
Daily SMA200 56.69
 
Levels
Previous Daily High 52.17
Previous Daily Low 50.81
Previous Weekly High 52.29
Previous Weekly Low 49.44
Previous Monthly High 65.45
Previous Monthly Low 51.05
Daily Fibonacci 38.2% 51.65
Daily Fibonacci 61.8% 51.33
Daily Pivot Point S1 51.03
Daily Pivot Point S2 50.24
Daily Pivot Point S3 49.67
Daily Pivot Point R1 52.39
Daily Pivot Point R2 52.96
Daily Pivot Point R3 53.75

 

 

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