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- WTI Price Analysis: Recovery remains elusive below $98.00
WTI Price Analysis: Recovery remains elusive below $98.00
- WTI picks up bids to reverse pullback from weekly high.
- Convergence of 21-DMA, three-week-old triangle’s upper line challenges buyers.
- Sellers should wait for a sustained break of 1.5-month-old support line.
WTI crude oil prices pare recent losses around $96.50 during Friday’s Asian session. In doing so, the black gold again tried to cross a three-week-long symmetrical triangle after the previous day’s failed attempt.
Also keeping the commodity buyers hopeful is the quote’s sustained trading beyond the descending trend line from June 14, as well as the bullish MACD signals and firmer RSI (14).
Even so, the WTI buyers need a daily closing beyond the $98.00 comprising the stated triangle’s upper line and the 21-DMA, to keep reins.
Following that, a run-up towards the highs marked during July 19 and 08, respectively near $100.70 and $102.80, will be in focus.
It should be noted that the month-start low of $103.11 could act as the last defense for WTI bears.
Meanwhile, pullback moves need to break the previous resistance line from mid-June, near $95.80 to tease sellers.
Even so, the triangle’s bottom around $94.80 and multiple supports near $91.60 could test the commodity’s further downside before directing it to the recent low near $88.35.
WTI: Daily chart
Trend: Further recovery expected
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