WTI Price Analysis: Bear bias intact despite 1.3% rise

Oil gains near 50 cents in Asia on upbeat risk sentiment.
The bias remains bearish with prices trading below a descending trendline.

Omkar Godbole FXStreet Contributor

The US oil prices are gaining altitude on Monday alongside risk-on action in the global equities and forex markets.

The West Texas Intermediate (WTI) crude, a North American oil benchmark, is currently trading at $40.66 per barrel, representing a 1.32% rise on the day.

Despite the recovery from Friday's low of $40.66, the immediate bias remains bearish. The black gold is yet to penetrate the hourly chart descending trendline connecting Nov. 11 and Nov. 12 highs. As of writing, the trendline hurdle is located near $41.12.

Acceptance above that level would open the doors for a re-test of the recent high of $43.06.

As long as the trendline hurdle is intact, the risk will remain skewed in favor of a drop to the 50-day simple moving average (SMA) located at $39.46.

Daily and hourly charts

Trend: Bearish

Technical levels

WTI

Overview
Today last price	40.66
Today Daily Change	0.42
Today Daily Change %	1.32
Today daily open	40.17

Trends
Daily SMA20	39.32
Daily SMA50	39.46
Daily SMA100	40.53
Daily SMA200	37.23

Levels
Previous Daily High	41.36
Previous Daily Low	40.34
Previous Weekly High	43.28
Previous Weekly Low	37.43
Previous Monthly High	41.93
Previous Monthly Low	35.08
Daily Fibonacci 38.2%	40.73
Daily Fibonacci 61.8%	40.97
Daily Pivot Point S1	40.09
Daily Pivot Point S2	39.71
Daily Pivot Point S3	39.07
Daily Pivot Point R1	41.11
Daily Pivot Point R2	41.75
Daily Pivot Point R3	42.13

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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