WTI fizzles the run-up above $40.00 after flashing two-week high of $41.48. Overbought RSI conditions, strong SMA probe the bulls. Sellers await a clear downside break of 61.8% Fibonacci retracement level around the $41.00 area. WTI consolidates the recent gains to $41.48 within a choppy range above $41.00, currently up 0.20% around $41.30, during the early Friday morning in Asia. The black gold surged to the highest since September 04 the previous day after breaking 100-bar SMA. Though, the 200-bar SMA seems to restrict the commodity’s latest up-moves amid overbought RSI conditions. Considering the strength of the 200-bar SMA and signals of a pullback marked by the RSI, sellers remain hopeful. The same push them to look for entry if oil prices drop below the 61.8% Fibonacci retracement level of August 26 to September 08 downside, near $41.00. In doing so, WTI will become vulnerable to revisit the 100-bar SMA level of $40.27 before catching a breather around the $40.00 threshold. It should, however, be noted that a nine-day-old horizontal support linear $39.70 may question the energy bears after $40.00. Meanwhile, an upside clearance of $41.42 figures, comprising 200-bar SMA, will aim for September 04 top of $42.07 before the August 27 bottom near $42.50 challenge further rise. In a case where the WTI bulls dominate past-$42.50, August month’s top, also the highest since March 05, surrounding $43.85, will be in the spotlight. 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. View All Post By FX Street FXStreet News share Read Next EUR/GBP Price Analysis: VPC is key in the longer term analysis of this pair FX Street 2 years WTI fizzles the run-up above $40.00 after flashing two-week high of $41.48. Overbought RSI conditions, strong SMA probe the bulls. Sellers await a clear downside break of 61.8% Fibonacci retracement level around the $41.00 area. WTI consolidates the recent gains to $41.48 within a choppy range above $41.00, currently up 0.20% around $41.30, during the early Friday morning in Asia. The black gold surged to the highest since September 04 the previous day after breaking 100-bar SMA. Though, the 200-bar SMA seems to restrict the commodity’s latest up-moves amid overbought RSI conditions. Considering the strength of the 200-bar SMA and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.