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  • WTI attempts recovery moves from intraday low of $39.33.
  • 50-bar SMA offers immediate support, 200-bar SMA guards upside moves.
  • Two-week-old ascending trend line, Friday’s top add filters to the momentum.

WTI picks up bids near $39.57 during the pre-European trading on Wednesday. Though, the black still drops 0.55% intraday by the press time.

While 50-bar SMA restricts the energy benchmark’s short-term declines, recovery moves are tamed by 23.6% Fibonacci retracement of September 08-18 upside and 200-bar SMA.

Considering the latest pullback moves, WTI oil prices are likely to trim additional losses by challenging the 23.6% Fibonacci retracement level of $40.51. However, $40.00 may offer an intermediate halt during the rise.

Further to question buyers are the 200-bar SMA level of $41.23 and Friday’s top near $41.75.

Alternatively, the September 09 high of $38.68 can please the bears on the break of $39.46 level comprising immediate SMA support.

Also questioning the WTI weakness will be an upward sloping trend line from the early-month lows, at $38.00 now.

WTI four-hour chart

Trend: Pullback expected