WTI Technical Analysis: $54.15-20 becomes immediate obstacle towards $55.55

WTI trades around $54.10 during the early Asian trading on Thursday.
The commodity needs to surpass $54.15-20 horizontal-resistance in order to aim for an early-month high of $55.55. However, overbought levels of 14-bar relative strength index (RSI) may limit further upside.
In case buyers refrain to respect the $55.55 barrier, 61.8% Fibonacci expansion of its early January-February move, around $57.50, can flash on their radar to target.
Given the pair’s inability to rise past-$54.20, it can come back to $53.60 and $52.80 while an upward sloping trend-line connecting lows marked since January can hold further downside captive near $52.00.
If at all prices keep declining under $52.00, $51.10 and $50.30 may entertain sellers ahead of pleasing them with $50.00 round-figure.

Anil Panchal FXStreet

WTI 4-Hour chart

WTI

Overview:
    Today Last Price: 54.61
    Today Daily change: 26 pips
    Today Daily change %: 0.48%
    Today Daily Open: 54.35
Trends:
    Daily SMA20: 53.63
    Daily SMA50: 51.08
    Daily SMA100: 56.25
    Daily SMA200: 62.96
Levels:
    Previous Daily High: 54.96
    Previous Daily Low: 53.64
    Previous Weekly High: 55.93
    Previous Weekly Low: 52.05
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 54.46
    Daily Fibonacci 61.8%: 54.14
    Daily Pivot Point S1: 53.67
    Daily Pivot Point S2: 53
    Daily Pivot Point S3: 52.35
    Daily Pivot Point R1: 54.99
    Daily Pivot Point R2: 55.64
    Daily Pivot Point R3: 56.31

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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