WTI Price Analysis: Under pressure, Wednesday's close pivotal

WTI created a Doji candle on Tuesday, indicating indecision in the market.
A close above Tuesday's high if needed to confirm a bullish revival.

Omkar Godbole FXStreet Contributor

The West Texas Intermediate (WTI) crude, a North American oil benchmark, currently trades near $41.41 per barrel, representing a 0.10% decline on the day.

On Tuesday, oil witnessed two-way business and ended the day on a flat note, forming a Doji candle, a sign of indecision in the market. In other words, both bulls and the bears are unwilling to lead the price action.

As such, the focus now is on Wednesday's close. Acceptance above the Doji candle's high of $41.69 would imply the period of indecision has ended with a bull victory and open the doors to $43.06 (Nov. 11 high). A violation there would expose the 2020 high of $43.78.

Alternatively, a close under the Doji candle's low of $40.57 would confirm a bearish reversal and shift risk in favor of a drop to the 200-day simple moving average (SMA) located at $36.28.

Daily chart

Trend: Neutral

Technical levels

WTI

Overview
Today last price	41.41
Today Daily Change	-0.25
Today Daily Change %	-0.60
Today daily open	41.66

Trends
Daily SMA20	39.37
Daily SMA50	39.65
Daily SMA100	40.57
Daily SMA200	37.14

Levels
Previous Daily High	41.92
Previous Daily Low	40.81
Previous Weekly High	43.28
Previous Weekly Low	37.43
Previous Monthly High	41.93
Previous Monthly Low	35.08
Daily Fibonacci 38.2%	41.5
Daily Fibonacci 61.8%	41.23
Daily Pivot Point S1	41
Daily Pivot Point S2	40.35
Daily Pivot Point S3	39.88
Daily Pivot Point R1	42.12
Daily Pivot Point R2	42.58
Daily Pivot Point R3	43.23

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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