Market news
24.01.2022, 23:29

WTI Price Analysis: Recovery jostles with monthly support-turned-resistance near $84.00

  • WTI extends Monday’s corrective pullback from weekly low.
  • Bullish Doji above the key SMAs, Momentum line’s rebound favors further recovery.
  • Three-day-old resistance line adds to the upside filters.

WTI picks up bids towards $84.00, extending the late Monday’s recovery during the initial Asian session on Tuesday.

The oil benchmark’s latest recovery takes clues from a bullish Doji candlestick and Momentum line.

However, the monthly support line, now resistance around $84.00, precedes a descending trend line from the last Thursday, near $85.30, to test the recovery moves.

Following that, the recent high surrounding $86.95 may offer an intermediate halt during the run-up to the $90.00 psychological magnet.

Alternatively, pullback moves may initially aim for the 100-SMA level of $81.10 before eyeing the $80.00 round figure.

Though, WTI sellers may have a tough time keeping reins past $80.00 as the 200-SMA level of $76.75 will challenge further weakness of the commodity.

WTI: Four-hour chart

Trend: Further upside expected

 

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