WTI Technical Analysis: 200-week EMA, 50% Fibonacci guard immediate upside


  • WTI fails to extend last week’s run-up, pulls back from 200-week EMA.
  • Five-week-old rising trend line gains sellers’ attention, multi-month long resistance will lure buyers past-50% Fibonacci retracement.

WTI drops to sub-$59.00 area during early Monday. The pair’s failed to provide a decisive break beyond 200-week Exponential Moving Average (EMA) and 50% Fibonacci retracement of October-December 2018 fall.

The energy benchmark now seems to extend declines towards $57.00 while an upward sloping trend line since early October, at $55.90, can act as an intermediate halt to its downpour towards 38.2% Fibonacci retracement of $55.50.

During the black gold’s declines below $55.50, August month low near $50.50 and $50.00 round-figure will be on the Bears’ radars.

On the flip side, a weekly closing beyond 50% Fibonacci retracement level of $59.60 can take aim at a multi-month-old descending resistance line, at $61.33.

However, the price rally beyond $61.33 enables the Bulls to question September high of $63.13 while also targeting the yearly top surrounding $66.60 during further upside.

WTI weekly chart

Trend: Pullback expected

additional important levels

Overview
Today last price 58.99
Today Daily Change -0.28
Today Daily Change % -0.47%
Today daily open 59.27
 
Trends
Daily SMA20 57.44
Daily SMA50 55.78
Daily SMA100 55.91
Daily SMA200 57.67
 
Levels
Previous Daily High 59.9
Previous Daily Low 57.77
Previous Weekly High 59.9
Previous Weekly Low 55.41
Previous Monthly High 58.76
Previous Monthly Low 54.12
Daily Fibonacci 38.2% 59.09
Daily Fibonacci 61.8% 58.58
Daily Pivot Point S1 58.06
Daily Pivot Point S2 56.85
Daily Pivot Point S3 55.93
Daily Pivot Point R1 60.19
Daily Pivot Point R2 61.11
Daily Pivot Point R3 62.32

 

 

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