WTI technical analysis: Prices shot higher overnight in risk-on markets

Ross J Burland FXStreet

WTI prices shot higher overnight on the back of good news on the trade front following Trump's announcements that some of the expected tariff hikes will be put back to the end of the year. The September delivery on the New York Mercantile Exchange, added $2.17, or 4%, to settle at $57.10 a barrel for the best finish for a front-month contract since July 31. This has left a technically bullish bias on the charts.

We can see that the bulls were holding just above the 50% retracement of the late Dec to 2019 range. On overnight trade, the bulls subsequently took out the cluster of the 20, 50 and 200 daily moving averages to bust through both the 56 and 57 handles. There is now space for a recovery to the 58 handle to meet trend line resistance. On the downside, bears can target a break of the 50% reversion of the day's move at 55.80.

WTI

Overview
Today last price	56.71
Today Daily Change	0.02
Today Daily Change %	0.04
Today daily open	56.69

Trends
Daily SMA20	55.62
Daily SMA50	56.11
Daily SMA100	58.97
Daily SMA200	56.23

Levels
Previous Daily High	57.4
Previous Daily Low	54.14
Previous Weekly High	55.53
Previous Weekly Low	50.51
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	56.15
Daily Fibonacci 61.8%	55.39
Daily Pivot Point S1	54.75
Daily Pivot Point S2	52.82
Daily Pivot Point S3	51.49
Daily Pivot Point R1	58.01
Daily Pivot Point R2	59.34
Daily Pivot Point R3	61.27

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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