WTI Technical Analysis: Long upper wick of Thursday's candle is cause for concern for the bulls

Thursday's candle is signaling buyer exhaustion near $59.70.
A move below $59.29 would validate Thursday's candle, inviting stronger selling pressure.

Omkar Godbole FXStreet Contributor

WTI oil is currently trading at $59.50 per barrel, representing marginal gains on the day.

The long upper shadow attached to Thursday's candle indicates buyer exhaustion near $59.70.

The candle would gain credence if the session low of $59.29 is breached. That will likely invite stronger selling pressure, possibly yielding a drop to $58.00.

A quick move above $59.70 is needed to keep the bullish trend going. At press time, the pair is reporting a 7.7% gain on a month-to-date basis.

Daily chart

Trend: Bearish below $59.29

Technical levels

WTI

Overview
Today last price	59.49
Today Daily Change	0.29
Today Daily Change %	0.49
Today daily open	59.2

Trends
Daily SMA20	57.83
Daily SMA50	56.23
Daily SMA100	56.01
Daily SMA200	57.72

Levels
Previous Daily High	59.7
Previous Daily Low	58.74
Previous Weekly High	59.9
Previous Weekly Low	55.41
Previous Monthly High	58.76
Previous Monthly Low	54.12
Daily Fibonacci 38.2%	59.33
Daily Fibonacci 61.8%	59.11
Daily Pivot Point S1	58.73
Daily Pivot Point S2	58.25
Daily Pivot Point S3	57.77
Daily Pivot Point R1	59.69
Daily Pivot Point R2	60.17
Daily Pivot Point R3	60.65

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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