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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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