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WTI Price Analysis: Rebounds from 50% Fibo./100-period SMA support confluence

Alina Haynes

Oct 17, 2022 14:46

截屏2022-10-17 下午2.39.40.png 

 

The price of WTI crude oil regains some positive momentum on the opening day of a new week and maintains its position above the $85.00 threshold heading into the European session.

 

From a technical standpoint, the commodity defends the $84.50-$84.25 confluence combining the 4-hour 100-period SMA and the 50% Fibonacci retracement level of the $76.08-$92.63 advance. The aforementioned region should now serve as a crucial turning point, which, if decisively broken, will pave the way for a continuation of the recent rapid drop from the highest level since August reached last week.

 

In the interim, any future advance is likely to encounter resistance between $85.70-$85.75. This is closely followed by the $86.00 mark and the 38.2% Fibonacci level in the $86.30 region, over which current prices might reach $87.00. The momentum may extend into the $87.45 barrier en route to the $88.00 mark and the 23.6% Fibonacci level, in the $88.55-$88.60 supply zone.

 

In contrast, weakening below the $85.00 round number may continue to find support near the intersection of $84.50 and $84.25. A convincing break below will serve as a new catalyst for pessimistic traders and pave the way for further declines. The price of WTI crude oil might possibly decline below $84,00 and test the next key support between $83.40-$83.35 before falling to the $83.00 level.


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