- WTI stalls the bounce above $40 as hourly RSI turns flat.
- A firm break above $40.50 is needed for the further upside.
- 200-HMA guards the downside ahead of the API crude stocks data.
WTI (futures on NYMEX) consolidates the bounce above the $40 barrier, having regained the 21-hourly Simple Moving Averages (HMA), currently at $39.75.
The US oil traders have turned cautious ahead of the American Petroleum Institute’s (API) weekly crude stockpiles data release.
The rebound in the black gold faltered below the critical $40.50 barrier, which is the confluence of the 100 and 50-HMAs.
A break above which doors will open towards the $41 mark. The next upside target for the bulls will be the Monday high of $41.51.
To the downside, the immediate cushion is seen at the previous resistance now support at 21-HMA. A failure to resist above the latter could call for a test of the horizontal 200-HMA at $39.16.
The hourly Relative Strength Index (RSI) has turned south, suggesting that the recovery momentum appears to have fizzled out.
WTI hourly chart
WTI additional levels
|Today last price||40.11|
|Today Daily Change||0.21|
|Today Daily Change %||0.53|
|Today daily open||39.85|
|Previous Daily High||41.51|
|Previous Daily Low||38.92|
|Previous Weekly High||41.75|
|Previous Weekly Low||37.08|
|Previous Monthly High||43.86|
|Previous Monthly Low||39.75|
|Daily Fibonacci 38.2%||39.91|
|Daily Fibonacci 61.8%||40.52|
|Daily Pivot Point S1||38.68|
|Daily Pivot Point S2||37.5|
|Daily Pivot Point S3||36.08|
|Daily Pivot Point R1||41.27|
|Daily Pivot Point R2||42.69|
|Daily Pivot Point R3||43.87|
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