Home WTI Price Analysis: 200-bar SMA, 50% Fibonacci guard immediate upside
FXStreet News

WTI Price Analysis: 200-bar SMA, 50% Fibonacci guard immediate upside

  • WTI declines from the key upside barrier, snaps two-day winning streak.
  • 38.2% Fibonacci retracement holds the gate for mid-February tops.
  • January 24 high can lure the bulls during further upside.

WTI steps back from the four-week high to $53.58 during Friday’s Asian session. In doing so, 38.2% Fibonacci retracement level of its January-February downside grabs the market attention.

Should oil prices remain weak below $53.35 immediate support, the mid-month tops nearing $52.50 and February 06 high close to $52.30 can entertain the sellers.

During additional south-run past-$52.30, 23.6% Fibonacci retracement and an ascending trend line from February 10, near $51.80, will be important to watch.

On the upside, 200-bar SMA and 50% Fibonacci retracement act as the tough resistance around $54.55.

In a case the black gold manages to cross $54.55, January 24 high close to $56.00 can return to the charts.

WTI four-hour chart

Trend: Pullback expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.