WTI Price Analysis: Extends pullback from 100-SMA inside weekly bullish channel
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- WTI takes offers to refresh intraday low, extends Friday’s pullback from one-week high.
- Bearish MACD signals, pullback from 100-SMA keep sellers hopeful.
- Six-week-old resistance line, the channel’s top challenges the buyers.
The pair currently trades last at 90.47.
The previous day high was 94.14 while the previous day low was 90.64. The daily 38.2% Fib levels comes at 91.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 92.8, expected to provide resistance.
WTI crude oil prices drop for the second consecutive day, down 1.0% while refreshing daily lows around $90.50 heading into Monday’s European session.
In doing so, the black gold approaches the lower line of the weekly bullish channel, while also extending Thursday’s pullback from the 100-SMA. The downside bias also takes clues from bearish MACD signals.
That said, the energy benchmark needs to break the $90.30 support to welcome bears. Also challenging the sellers is the $90.00 threshold.
It should, however, be noted that the quote’s weakness past $90.00 makes the commodity vulnerable to revisiting the six-month low of $86.40.
On the contrary, recovery moves may initially need validation from the 100-SMA, at $93.20 by the press time.
Above all, a convergence of the monthly resistance line and the upper line of the stated channel, close to $95.70, will be a crucial hurdle for the WTI bulls to cross to retake control.
Overall, the commodity prices brace for the fresh leg towards the south.
Trend: Further weakness expected
Technical Levels: Supports and Resistances
XTIUSD currently trading at 90.47 at the time of writing. Pair opened at 91.36 and is trading with a change of -0.97% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 90.47 |
| 1 | Today Daily Change | -0.89 |
| 2 | Today Daily Change % | -0.97% |
| 3 | Today daily open | 91.36 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 94.01, 50 SMA 101.96, 100 SMA @ 103.78 and 200 SMA @ 94.45.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 94.01 |
| 1 | Daily SMA50 | 101.96 |
| 2 | Daily SMA100 | 103.78 |
| 3 | Daily SMA200 | 94.45 |
The previous day high was 94.14 while the previous day low was 90.64. The daily 38.2% Fib levels comes at 91.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 92.8, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 89.95, 88.54, 86.45
- Pivot resistance is noted at 93.45, 95.55, 96.96
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 94.14 |
| Previous Daily Low | 90.64 |
| Previous Weekly High | 94.32 |
| Previous Weekly Low | 86.64 |
| Previous Monthly High | 109.54 |
| Previous Monthly Low | 88.34 |
| Daily Fibonacci 38.2% | 91.97 |
| Daily Fibonacci 61.8% | 92.80 |
| Daily Pivot Point S1 | 89.95 |
| Daily Pivot Point S2 | 88.54 |
| Daily Pivot Point S3 | 86.45 |
| Daily Pivot Point R1 | 93.45 |
| Daily Pivot Point R2 | 95.55 |
| Daily Pivot Point R3 | 96.96 |
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