WTI Price Analysis: Multiple Doji on D1 suggests traders’ indecision above $43.00

  • WTI wavers in a choppy range past-$43.00 after Friday’s Doji on the daily chart.
  • Bearish MACD, rising wedge keep the sellers hopeful.
  • 21-day EMA adds strength to the rising wedge’s support.
  • February month’s low becomes the key upside barrier.

WTI wobbles around $43.10/15 amid the early Monday morning in Asia. The energy benchmark flashed Doji candlestick formation on Friday, suggesting the reversal of the previous day’s declines, but couldn’t justify the moves amid sluggish MACD.

While observing minimal reaction to the candlestick formations, coupled with dull momentum indications, the energy traders can be considered waiting for a clear direction near the multi-week high. As a result, a short-term rising-wedge formation will be the key to follow.

The bearish formation’s resistance line around $43.95 will be followed by February’s low surrounding $44.00 to add filter to the quote’ further upside towards the March month’s top near $48.75.

Alternatively, 21-day EMA joins the chart pattern’s support line, around $42.60/55, to raise challenges for the bears targeting a sub-$40.00 area. However, $41.50 may offer an intermediate halt to the downside, if confirmed.

WTI daily chart

Trend: Sideways

 

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