WTI technical analysis: Buyers struggle around key resistance-zone

50-DMA and 38.2% Fibonacci retracement question WTI bulls.
Four-month-old falling trend-line adds to the resistance.

Anil Panchal FXStreet

WTI buyers seem losing momentum as the oil benchmark seesaws near key resistance-confluence while taking rounds to $56.50 ahead of Friday’s European session.

The black needs to cross the $56.55/60 area including 50-day simple moving average (DMA) and 38.2% Fibonacci retracement of April-August downpour in order to extend the run-up towards a falling trend-line since late-April, at $57.80.

In a case where prices keep rallying above $57.80, July 31 high around $58.85, 61.8% Fibonacci retracement level of $60.40 and $61.00 comprising July month top will please the WTI bulls.

On the downside, 21-DMA level of $55.00 and 23.6% Fibonacci retracement of $54.25 can entertain sellers ahead of challenging the momentum with three-week-old rising trend-line at $53.50.

WTI daily chart

Trend: pullback expected

Additinal important levels

Overview
Today last price	56.49
Today Daily Change	0.01
Today Daily Change %	0.02%
Today daily open	56.48

Trends
Daily SMA20	54.88
Daily SMA50	56.57
Daily SMA100	58.11
Daily SMA200	56.24

Levels
Previous Daily High	56.76
Previous Daily Low	55.33
Previous Weekly High	57.08
Previous Weekly Low	53.22
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	56.21
Daily Fibonacci 61.8%	55.88
Daily Pivot Point S1	55.62
Daily Pivot Point S2	54.76
Daily Pivot Point S3	54.19
Daily Pivot Point R1	57.05
Daily Pivot Point R2	57.62
Daily Pivot Point R3	58.48

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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