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  • 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 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.

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