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.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.