Market news
27.06.2022, 04:24

WTI Price Analysis: Recovery remains elusive below $107.00

  • WTI retreats from intraday high, battles short-term key resistance.
  • RSI rebound, recovery moves from 100-day EMA and 61.8% Fibonacci retracement favor buyers.
  • 50-day EMA adds to the upside filters before convincing buyers.

WTI crude oil prices extend the previous week’s recovery from the monthly low, despite easing from intraday high to $106.50 amid early Monday morning in Europe. The black gold’s latest pullback could be linked to the commodity’s inability to cross the $107.00 hurdle, as well as the market’s indecision amid mixed sentiment.

That said, the previous support line from April 11 joins a two-week-old descending trend line to highlight the $107.00 level as the short-term key hurdle.

Following that, the 50-day EMA near $109.00 could test the WTI bulls before directing them to mid-May’s high near $113.20.

Should the quote remains firmer past $113.20, the odds of witnessing a run-up towards the monthly high near $121.35 can’t be ruled out.

Alternatively, pullback moves may fail to attract the market’s attention until the quote remains above $103.50, comprising the 100-day EMA and 61.8% Fibonacci retracement level of April-June upside.

In a case where oil bears manage to conquer the $103.50 support confluence, the monthly low near $101.15 and the $100.00 psychological magnet could flash on their radars.

WTI: Daily chart

Trend: Further upside expected

 

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