WTI Price Analysis: Immediate rising channel helps to keep $40.00

  • WTI bounces off $39.90 as support line of a three-day-old ascending channel plays its role.
  • Bearish MACD could lure the sellers if oil prices stay below $40.00.
  • 61.8% Fibonacci retracement offers near-term key support, February low is on the bulls’ radar.

WTI recovers to $40.22, up 0.50% on a day, while heading into the European session on Wednesday. In doing so, the energy benchmark defies the previous day’s pullback from the highest since March 06. On a four-hour chart, the black gold’s recovery moves could be cited by a bounce off short-term rising channel’s support line.

Given the quote’s pullback from immediate key support, its rise to June 06 high of $40.60, followed by a sustained run-up towards Tuesday’s top near $41.65, becomes widely anticipated.

However, the resistance line of a three-day-old rising channel, at $41.85, will be the key to watch afterward. Should there be a clear rise past-$41.85, February 28 bottom surrounding $44.00 might reappear on the chart.

Alternatively, a clear break below $40.00 could gain favor from the bearish MACD to diver bears towards June 12 high close to 37.20. Though, 61.8% Fibonacci retracement of May 22 to June 23 rise, at $34.98, could please the sellers then after.

WTI four-hour chart

Trend: Bullish


Today last price 40.19
Today Daily Change 0.17
Today Daily Change % 0.42%
Today daily open 40.02
Daily SMA20 37.49
Daily SMA50 30.03
Daily SMA100 34.28
Daily SMA200 45.72
Previous Daily High 41.65
Previous Daily Low 39.79
Previous Weekly High 40.6
Previous Weekly Low 34.64
Previous Monthly High 35.92
Previous Monthly Low 19.61
Daily Fibonacci 38.2% 40.5
Daily Fibonacci 61.8% 40.94
Daily Pivot Point S1 39.32
Daily Pivot Point S2 38.63
Daily Pivot Point S3 37.46
Daily Pivot Point R1 41.18
Daily Pivot Point R2 42.35
Daily Pivot Point R3 43.04



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