WTI Price Analysis: Focus on Wednesday’s close amid a potential bull flag

WTI reverses Tuesday’s losses, looks to extend the recovery.
Daily chart spots a likely bull flag amid bullish RSI.
Focus on Wednesday’s close price, EIA and US data.

Dhwani Mehta FXStreet

WTI (futures on NYMEX) battles the $53 mark, reversing most of Tuesday’s losses, as the bulls await the Energy Information Administration (EIA) US crude stockpiles data for fresh directives.

From a near-term technical perspective, the black gold remains in a consolidation phase after recoding multi-month highs at $53.93 on January 13.

The rally in the first week of this month that followed the consolidation charted a bull flag on the daily chart, which could likely get confirmed on a daily closing above $53.09 – the falling trendline resistance.

The bullish breakout would open doors towards the multi-month tops, above which the $55 threshold would be in sight.

The 14-day Relative Strength Index (RSI), currently trades at 63.12, pointing to more gains.

Alternatively, the pattern will get invalidated if the price closes the day below $51.03, the falling trendline support.

Ahead of that level, the 21-daily moving average (DMA) at $51.52 would challenge the bears’ commitment.

WTI daily chart

WTI additional levels

WTI

Overview
Today last price	52.96
Today Daily Change	0.46
Today Daily Change %	0.88
Today daily open	52.48

Trends
Daily SMA20	51.47
Daily SMA50	48.28
Daily SMA100	43.96
Daily SMA200	40.2

Levels
Previous Daily High	53.2
Previous Daily Low	52.27
Previous Weekly High	53.8
Previous Weekly Low	51.43
Previous Monthly High	49.43
Previous Monthly Low	44.01
Daily Fibonacci 38.2%	52.63
Daily Fibonacci 61.8%	52.85
Daily Pivot Point S1	52.09
Daily Pivot Point S2	51.71
Daily Pivot Point S3	51.16
Daily Pivot Point R1	53.03
Daily Pivot Point R2	53.58
Daily Pivot Point R3	53.96

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD flirts with weekly lows near 1.1770

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to challenge the area of weekly throughs near 1.1770 on Thursday. The pair’s decline comes in response to marked gains in the US Dollar amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.