WTI Price Analysis: Seesaws around $34.00 inside short-term rising wedge


WTI takes around to $34.00 amid the early Tuesday morning in Asia. While stepping back from $34.05, the oil benchmark seems to portray the rising wedge bearish technical formation on the hourly chart that needs confirmation with a downside break below $33.60.

Should the quote declines below $33.60, which can be anticipated considering the RSI conditions, sellers can aim for a 200-hour EMA level of $31.20 ahead of looking at Friday’s low near $30.90.

During the quote’s further downside past-$30.90, $30.00 may act as a buffer before pleasing the bears with a $28.85 mark comprising 61.8% Fibonacci retracement of Mat 13-21.

Meanwhile, an upside clearance of the monthly high near $34.75 becomes necessary for the bulls to keep the reins.

In doing so, 100-day EMA on the daily chart around $35.40 can gain their immediate attention ahead of March 11 top near $36.65.

WTI hourly chart


Trend: Pullback expected

Additional important levels

Today last price33.96
Today Daily Change0.29
Today Daily Change %0.86%
Today daily open33.67


Daily SMA2025.67
Daily SMA5025.3
Daily SMA10038.77
Daily SMA20047.74


Previous Daily High34.12
Previous Daily Low30.88
Previous Weekly High34.74
Previous Weekly Low29.62
Previous Monthly High32.21
Previous Monthly Low8.46
Daily Fibonacci 38.2%32.11
Daily Fibonacci 61.8%32.88
Daily Pivot Point S131.66
Daily Pivot Point S229.64
Daily Pivot Point S328.41
Daily Pivot Point R134.9
Daily Pivot Point R236.13
Daily Pivot Point R338.15