WTI Technical Analysis: $51.65 gains market attention

WTI remains around $52.50 before Asian market open on Monday.
The prices continue respecting a month-old upward sloping trend-line, currently at $51.65.
With the recent lower highs during the last-week the quote may drop to $50.60 and $50.30 on the break of $51.65 support-line. Though, $50.00 might challenge the sellers.
In case bears refrain to respect the $50.00 round-figure, the $49.10-$49.00 support-zone should be important to watch.
Alternatively, a descending resistance-line at $53.45 can continue limiting near-term upside of the WTI, breaking which $54.20 and the $55.00 may gain buyers’ attention.
Should there be additional rise beyond $55.00, the $55.60 and the 61.8% Fibonacci expansion (FE) level of its recent up-moves may flash on Bulls’ radars.

Anil Panchal FXStreet

WTI 4-Hourly charts

WTI

Overview:
    Today Last Price: 52.85
    Today Daily change: -15 pips
    Today Daily change %: -0.28%
    Today Daily Open: 53
Trends:
    Daily SMA20: 53.39
    Daily SMA50: 51.04
    Daily SMA100: 56.87
    Daily SMA200: 63.15
Levels:
    Previous Daily High: 53.28
    Previous Daily Low: 52.37
    Previous Weekly High: 55.93
    Previous Weekly Low: 52.05
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 52.93
    Daily Fibonacci 61.8%: 52.72
    Daily Pivot Point S1: 52.49
    Daily Pivot Point S2: 51.97
    Daily Pivot Point S3: 51.58
    Daily Pivot Point R1: 53.4
    Daily Pivot Point R2: 53.79
    Daily Pivot Point R3: 54.31

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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