WTI Price Analysis: Teases head-and-shoulders confirmation on 4H, focus on $71.00


  • WTI bounces off intraday low, from the neckline of bearish formation.
  • MACD condition, sustained break of 200-SMA favor sellers.

WTI consolidates weekly losses while picking up bids around $71.70, up 0.30% intraday, during early Friday.

In doing so, the black gold takes a U-turn from the support line of a bearish chart pattern, head-and-shoulders, on the four-hour (4H) chart. Even so, the 200-SMA breakdown and downbeat MACD signal further downside of the energy prices.

Hence, bears should wait for a clear downside break of $71.00 to aim for late May’s low around $65.00.

During the fall, the $70.00 threshold and the early June’s wing lows near $68.30–35 could test the commodity’s downside.

Meanwhile, a clear break of the 200-SMA level of $72.00 will highlight the $72.50 and $74.30 resistances.

However, WTI bulls may remain cautious until the quote stays below the $75.00 hurdle.

Overall, oil buyers seem to have tired and a confirmation of the bearish chart pattern can trigger the much-awaited pullback in prices.

WTI: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 71.33
Today Daily Change 0.14
Today Daily Change % 0.20%
Today daily open 71.19
 
Trends
Daily SMA20 73.22
Daily SMA50 69.65
Daily SMA100 65.95
Daily SMA200 56.89
 
Levels
Previous Daily High 72.49
Previous Daily Low 71.02
Previous Weekly High 76.4
Previous Weekly Low 70.28
Previous Monthly High 74.17
Previous Monthly Low 66.78
Daily Fibonacci 38.2% 71.58
Daily Fibonacci 61.8% 71.93
Daily Pivot Point S1 70.64
Daily Pivot Point S2 70.1
Daily Pivot Point S3 69.18
Daily Pivot Point R1 72.11
Daily Pivot Point R2 73.03
Daily Pivot Point R3 73.57

 

 

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