WTI Price Analysis: The psychological $40.00 level looks to be the target once again


  • WTI is flat for the session on Monday but is looking to retake the USD 40 per barrel level.
  • There is an ascending wedge formation on the 4-hour chart.

Spot WTI 4-hour chart

WTI has retraced from the highs seen on this 4-hour chart but it looks like the bulls could be regaining control once again. It seems like the price pattern below is a classic trend continuation pattern and a break of USD 40.00 per barrel could confirm that. 

There is a bigger chart pattern in play with the purple lines. This is an ascending wedge formation and a break in either direction could help us determine the future path of spot WTI. This could also mean if the price moves higher the top of the pattern could be a resistance zone. 

On the downside, there are two prominent support levels. First up is the black line at USD 37.35 per barrel. This level is the previous wave low and if the price moved down from here it would make a lower high lower low pattern. Beyond that the green line just below USD 35.00 per barrel is slightly stronger. The level has been used as a support or resistance level at least four times. 

The indicators are both looking positive. The MACD histogram is in the green and the signal lines are just crossing over. The Relative Strength Index is holding above the 50 mid-line. On the higher timeframes, the chart still looks like a bullish one and now if there is a break and close above USD 40.00 per barrel level it would be seen as a postive sign. 

Spot WTI Technical Analysis

Additional levels

WTI

Overview
Today last price 39.66
Today Daily Change 1.42
Today Daily Change % 3.71
Today daily open 38.24
 
Trends
Daily SMA20 38.18
Daily SMA50 30.76
Daily SMA100 33.93
Daily SMA200 45.44
 
Levels
Previous Daily High 39.39
Previous Daily Low 37.85
Previous Weekly High 41.65
Previous Weekly Low 37.18
Previous Monthly High 35.92
Previous Monthly Low 19.61
Daily Fibonacci 38.2% 38.44
Daily Fibonacci 61.8% 38.81
Daily Pivot Point S1 37.59
Daily Pivot Point S2 36.95
Daily Pivot Point S3 36.05
Daily Pivot Point R1 39.13
Daily Pivot Point R2 40.03
Daily Pivot Point R3 40.67

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures