WTI Price Analysis: Thursday’s Doji challenges oil buyers above $72.00


  • WTI eases near multi-day top after the previous day’s bearish candlestick.
  • Bullish MACD, sustained break of 50-DMA, previous support favor buyers.
  • Pullback to key support convergence can’t be ruled out amid failure to reach July levels.

WTI takes offers around $72.30 to refresh intraday low during early Friday.

The oil benchmark posted a bearish candlestick near the highest levels since early August the previous day, suggesting a pullback in the commodity prices.

A convergence of the resistance-turned-support, 20-DMA and 50-DMA between $69.00 and $69.30 becomes strong support to watch during the further weakness.

That being said, 61.8% Fibonacci retracement of July-August downside near $70.80 and the $70.00 psychological magnet may offer intermediate halts.

However, sustained trading beyond the stated trend line and DMAs join bullish MACD to keep buyers hopeful until the quote drops below $69.00. The same could renew upside momentum targeting the late July tops near $73.90 in a case where oil buyers can refresh monthly high above $72.90.

Following that, $75.00 may provide a buffer during the rally targeting July’s top near $76.40.

Overall, WTI oil prices remain firmer but can’t avoid the short-term pullback.

WTI: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 72.29
Today Daily Change -0.05
Today Daily Change % -0.07%
Today daily open 72.34
 
Trends
Daily SMA20 68.6
Daily SMA50 69.31
Daily SMA100 69.06
Daily SMA200 63.03
 
Levels
Previous Daily High 72.72
Previous Daily Low 71.3
Previous Weekly High 69.75
Previous Weekly Low 67.41
Previous Monthly High 73.54
Previous Monthly Low 61.73
Daily Fibonacci 38.2% 71.85
Daily Fibonacci 61.8% 72.18
Daily Pivot Point S1 71.53
Daily Pivot Point S2 70.71
Daily Pivot Point S3 70.11
Daily Pivot Point R1 72.94
Daily Pivot Point R2 73.54
Daily Pivot Point R3 74.36

 

 

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