WTI Price Analysis: Trapped between key hourly averages ahead of API data

WTI stalls the bounce above $40 as hourly RSI turns flat.
A firm break above $40.50 is needed for the further upside.
200-HMA guards the downside ahead of the API crude stocks data.

Dhwani Mehta FXStreet

WTI (futures on NYMEX) consolidates the bounce above the $40 barrier, having regained the 21-hourly Simple Moving Averages (HMA), currently at $39.75.

The US oil traders have turned cautious ahead of the American Petroleum Institute’s (API) weekly crude stockpiles data release.

The rebound in the black gold faltered below the critical $40.50 barrier, which is the confluence of the 100 and 50-HMAs.

A break above which doors will open towards the $41 mark. The next upside target for the bulls will be the Monday high of $41.51.

To the downside, the immediate cushion is seen at the previous resistance now support at 21-HMA. A failure to resist above the latter could call for a test of the horizontal 200-HMA at $39.16.

The hourly Relative Strength Index (RSI) has turned south, suggesting that the recovery momentum appears to have fizzled out.

WTI hourly chart

WTI additional levels

WTI

Overview
Today last price	40.11
Today Daily Change	0.21
Today Daily Change %	0.53
Today daily open	39.85

Trends
Daily SMA20	40.53
Daily SMA50	41.26
Daily SMA100	38.41
Daily SMA200	40.83

Levels
Previous Daily High	41.51
Previous Daily Low	38.92
Previous Weekly High	41.75
Previous Weekly Low	37.08
Previous Monthly High	43.86
Previous Monthly Low	39.75
Daily Fibonacci 38.2%	39.91
Daily Fibonacci 61.8%	40.52
Daily Pivot Point S1	38.68
Daily Pivot Point S2	37.5
Daily Pivot Point S3	36.08
Daily Pivot Point R1	41.27
Daily Pivot Point R2	42.69
Daily Pivot Point R3	43.87

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.

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