WTI technical analysis: Buyers lurk around 200-bar SMA ahead of OPEC meeting

  • WTI takes the bid towards the 61.8% Fibonacci retracement.
  • Bearish MACD highlights the weakness in momentum.

With its yet another bounce off 200-bar simple moving average (SMA), WTI flashes near $56.30 mark during Thursday’s Asian session.

Oil traders are particulary looking for signs of whether the major producers will keep the output cut accord, as mostly expected, or will hint the brake. Saudi Arabia, Russia and other major oil producers from the Organization of the Petroleum Exporting Countries Plus (OPEC+) group will meet in Abu Dhabi for a joint ministerial monitoring committee (JMMC) today.

The quote now aims to confront 61.8% Fibonacci retracement of July-August declines, at $57.00. However, a four-week-old rising trend-line around $58.75 could question further upside.

Contrast to the latest pullback, 12-bar moving average convergence and divergence (MACD) indicator shows a bearish signal and indicates the pair’s break below $55.45 key SMA level.

As a result, 38.2% Fibonacci retracement level of $54.55 could be considered as immediate support ahead of watching over the rising trend-line since August 07, at $53.50.

During the pair’s decline below $53.50, August 08 low surrounding $51.80 will gain sellers’ attention.

WTI 4-Hour chart

Trend: pullback expected

additional important levels

Today last price 56.26
Today Daily Change 34 pips
Today Daily Change % 0.61%
Today daily open 55.92
Daily SMA20 55.59
Daily SMA50 56.16
Daily SMA100 57.33
Daily SMA200 56.43
Previous Daily High 58.21
Previous Daily Low 55.55
Previous Weekly High 57.63
Previous Weekly Low 52.77
Previous Monthly High 58.02
Previous Monthly Low 50.51
Daily Fibonacci 38.2% 56.57
Daily Fibonacci 61.8% 57.19
Daily Pivot Point S1 54.91
Daily Pivot Point S2 53.9
Daily Pivot Point S3 52.25
Daily Pivot Point R1 57.57
Daily Pivot Point R2 59.22
Daily Pivot Point R3 60.23



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

AUD/USD: Buyers and sellers jostle around 0.6600 as coronavirus keeps the driver’s seat

AUD/USD carries the New York session’s downbeat sentiment forward while taking rounds to 0.6600 at the start of the Asian session on Wednesday. While the coronavirus-led risk-off keeps the risk barometer under pressure, weakness in the US dollar restricted the pair’s losses.


USD/JPY consolidates losses but bears keep the baton amid coronavirus fears

USD/JPY consolidates losses to 110.20 amid the initial Asian session on Wednesday. That said, the pair portrayed the broad risk-off, led-by coronavirus fears, while declining for the third day in a row during the previous day.


Dollar domination set to continue, with or without coronavirus fears

The coronavirus-related fall in US bond yields has been weighing on the US dollar. Nevertheless – and despite worries coming from Markit's PMIs – the greenback is set to gain more ground.

Read more

Gold: Pares early losses, still in the red below $1650 level

Gold extended previous day's intraday retracement slide from multi-year tops and witnessed some follow-through long-unwinding trade on Tuesday.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info