WTI Price Analysis: Trapped between key hourly averages ahead of API data

  • 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
Daily SMA20 40.53
Daily SMA50 41.26
Daily SMA100 38.41
Daily SMA200 40.83
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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