WTI Price Analysis: Firmer inside immediate triangle around $70.00


  • WTI pares intraday gains, holds onto Monday’s recovery moves.
  • 50-HMA, triangle resistance restricts immediate upside, RSI retreat teases sellers.
  • Bulls need validation from $74.00 even if after crossing triangle’s resistance.

WTI crude oil retreats to $70.40 during a two-day rebound amid early Tuesday. While a two-day-old symmetrical triangle restricts the black gold’s recent moves, RSI pullback and addition of the 50-HMA to upside hurdle keep sellers hopeful.

However, a clear downside break of the stated triangle’s support line, near $69.20 by the press time, becomes necessary for the oil sellers to retake controls.

Following that, Friday’s low near $68.30 will gain the market’s attention before directing WTI bears to September’s low near $67.00 and July’s bottom close to $65.00.

On the flip side, the commodity’s advances will have a tough nut to crack around $72.00, comprising the triangle’s resistance line and 50-HMA.

Even if the quote manages to cross the $72.00, late Friday’s swing high near $74.00 may offer an additional filter before assuring the oil’s run-up towards $77.60, encompassing November 25 upside.

WTI: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 70.36
Today Daily Change 0.85
Today Daily Change % 1.22%
Today daily open 69.51
 
Trends
Daily SMA20 78.24
Daily SMA50 78.66
Daily SMA100 73.93
Daily SMA200 69.78
 
Levels
Previous Daily High 72.75
Previous Daily Low 68.1
Previous Weekly High 79.02
Previous Weekly Low 67.31
Previous Monthly High 84.98
Previous Monthly Low 74.06
Daily Fibonacci 38.2% 70.97
Daily Fibonacci 61.8% 69.87
Daily Pivot Point S1 67.49
Daily Pivot Point S2 65.47
Daily Pivot Point S3 62.84
Daily Pivot Point R1 72.14
Daily Pivot Point R2 74.77
Daily Pivot Point R3 76.79

 

 

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