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. 

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

 

 

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