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- WTI Price Analysis: Bulls running out of steam around $107.00
WTI Price Analysis: Bulls running out of steam around $107.00
- WTI retreats from 12-day top inside rising wedge bearish chart pattern.
- Bearish RSI divergence, multiple hurdles to the north keep sellers hopeful.
- April’s top holds the key to further upside, $102.70 appears a tough nut to crack for bears.
WTI crude oil prices pare intraday gains around $107.00, the highest levels in two weeks, during the final hours of Thursday’s Asian session.
The black gold rose the most in three weeks the previous day and extended the gains amid initial Thursday’s trading as geopolitical headlines from the European Union (EU) hint at the supply crunch.
The run-up, however, failed to cross a fortnight old ascending trend line, forming part of the rising wedge bearish formation. Also teasing WTI sellers is the bearish RSI divergence, a condition where prices make higher-high but the RSI line (14) doesn’t.
That being said, the quote’s further weakness could aim for Monday’s peak surrounding $105.00. However, a convergence of the 100-SMA and lower line of the aforementioned wedge will offer strong support at around $102.70.
Should the commodity prices drop below $102.70, it becomes vulnerable to slump towards April’s low surrounding $92.60.
Alternatively, an upside clearance of the wedge’s resistance line, at $108.15 by the press time, will defy the bearish chart pattern.
Even so, multiple tops marked during April, below $109.15, as well as the $110.00 threshold, will challenge WTI bulls afterward.
WTI: Four-hour chart
Trend: Pullback expected
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