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WTI Price Analysis: Monthly support line eyed amid pullback below $38.50

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  • WTI benchmark snaps the previous day’s recovery moves from $37.26.
  • Bearish MACD signals drag the quote towards an ascending trend line from May 13.
  • Buyers may look for a sustained break above $40.00 for fresh entries.

WTI crude oil prices on NYMEX decline to $38.27 during the initial Asian session on Wednesday. The barrels of black gold recovered from $37.26 on Tuesday but failed to rise past-$38.55 on the daily closing basis.

Other than the energy benchmark’s failure to cross $38.55, bearish MACD also favors the odds of further downside towards the monthly support near $36.95.

Should the bears refrain from respecting the short-term key support line, May 26 high near $34.90 could offer intermediate halt ahead fetching the quote to sub-$31.00 area.

Meanwhile, $40.00 round-figure and the weekly high near $40.61 might keep the bulls away during the pair’s U-turn towards the north. Given the commodity prices rally past-$40.61, March 06 low near $41.22 could lure the bulls.

WTI four-hour chart

WTI Price Analysis: Monthly support line eyed amid pullback below $38.50

Trend: Further downside likely

additional important levels

Overview
Today last price 38.24
Today Daily Change -0.31
Today Daily Change % -0.80%
Today daily open 38.55
Trends
Daily SMA20 34.12
Daily SMA50 27.66
Daily SMA100 35.91
Daily SMA200 46.59
Levels
Previous Daily High 39.26
Previous Daily Low 37.26
Previous Weekly High 39.81
Previous Weekly Low 34.45
Previous Monthly High 35.92
Previous Monthly Low 19.61
Daily Fibonacci 38.2% 38.5
Daily Fibonacci 61.8% 38.03
Daily Pivot Point S1 37.46
Daily Pivot Point S2 36.36
Daily Pivot Point S3 35.46
Daily Pivot Point R1 39.45
Daily Pivot Point R2 40.35
Daily Pivot Point R3 41.45

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