WTI Price Analysis: Prints four-day downtrend, $85.30 appears the last defense for bulls
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- WTI remains pressured around the lowest levels since late January.
- Clear U-turn from 200-DMA, downside break of 61.8% Fibonacci retracement level favor bears.
- Monthly support line challenges further downside as RSI approaches oversold territory.
The pair currently trades last at 86.4.
The previous day high was 90.09 while the previous day low was 85.39. The daily 38.2% Fib levels comes at 87.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 88.3, expected to provide resistance.
WTI crude oil prices fade the corrective pullback from a nearly seven-month low, marked the previous day, as the bears keep reins for the third consecutive day. That said, the quote recently dropped to $86.25 during Wednesday’s Asian session.
The black gold’s latest weakness could be linked to its reversal from the $94.55 resistance confluence including the 200-DMA and 50% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside. Also keeping the commodity bears hopeful is the latest downside break of the 61.8% Fibo.
However, nearly oversold RSI (14) joins the monthly support line, at $85.30 by the press time, to challenge the WTI bears.
Also acting as a downside filter is the yearly low near $81.70, a break of which could make the quote vulnerable to a slump towards the early December 2021 high near $73.20.
Alternatively, recovery moves need to cross the 61.8% Fibonacci retracement level of $86.80 to convince WTI buyers.
Even so, the convergence of the 200-DMA and the 50% Fibo. near $94.55, appears a tough nut to crack for the bulls.
If at all the quote rises past $94.55, the odds of its run-up to the monthly high surrounding $101.00 can’t be ruled out.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
XTIUSD currently trading at 86.4 at the time of writing. Pair opened at 86.74 and is trading with a change of -0.39% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 86.4 |
| 1 | Today Daily Change | -0.34 |
| 2 | Today Daily Change % | -0.39% |
| 3 | Today daily open | 86.74 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 92.77, 50 SMA 100.72, 100 SMA @ 103.38 and 200 SMA @ 94.51.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 92.77 |
| 1 | Daily SMA50 | 100.72 |
| 2 | Daily SMA100 | 103.38 |
| 3 | Daily SMA200 | 94.51 |
The previous day high was 90.09 while the previous day low was 85.39. The daily 38.2% Fib levels comes at 87.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 88.3, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 84.73, 82.71, 80.03
- Pivot resistance is noted at 89.43, 92.11, 94.12
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 90.09 |
| Previous Daily Low | 85.39 |
| Previous Weekly High | 94.32 |
| Previous Weekly Low | 86.64 |
| Previous Monthly High | 109.54 |
| Previous Monthly Low | 88.34 |
| Daily Fibonacci 38.2% | 87.19 |
| Daily Fibonacci 61.8% | 88.30 |
| Daily Pivot Point S1 | 84.73 |
| Daily Pivot Point S2 | 82.71 |
| Daily Pivot Point S3 | 80.03 |
| Daily Pivot Point R1 | 89.43 |
| Daily Pivot Point R2 | 92.11 |
| Daily Pivot Point R3 | 94.12 |
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