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.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.