WTI technical analysis: Where could price find resistance?

Price looks to be heading toward the USD 58 per barrel psychological resistance.
The internal trendline and 61.8% Fibonacci level match slighty higher up.

Rajan Dhall, MSTA FX Daily

Spot WTI Daily Chart

WTI has been on the rise today and trades 0.40% higher on the session.

This is due to the OPEC report published earlier.

Over the last few days, the price was not able to break USD 57.50 per barrel as price bounced off it eight times.

The chart below looks slightly messy but it does show there is some traffic in the way of a move higher.

The channel in red was created from an internal trendline which originated from the low back in August.

It is well respected as it was used as support and resistance six times.

Now above the price at the moment, there is also a 61.8% Fibonacci level and the price could meet the internal trendline and Fib level at the same time.

Additional Levels

WTI

Overview
Today last price	57.67
Today Daily Change	0.22
Today Daily Change %	0.38
Today daily open	57.45

Trends
Daily SMA20	55.89
Daily SMA50	55.74
Daily SMA100	56.01
Daily SMA200	57.5

Levels
Previous Daily High	57.61
Previous Daily Low	56.29
Previous Weekly High	57.93
Previous Weekly Low	55.84
Previous Monthly High	56.97
Previous Monthly Low	51.19
Daily Fibonacci 38.2%	57.11
Daily Fibonacci 61.8%	56.79
Daily Pivot Point S1	56.62
Daily Pivot Point S2	55.8
Daily Pivot Point S3	55.3
Daily Pivot Point R1	57.94
Daily Pivot Point R2	58.44
Daily Pivot Point R3	59.26

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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