WTI Price Analysis: Oil buyers approach $71.00 but recovery appears elusive

• WTI crude oil keeps previous day’s rebound from one-month low, grinds near intraday high of late.
• Short-term key EMA envelope restricts immediate Oil price moves ahead of the key US NFP.
• Seven-week-old descending resistance line, horizontal area established since early May gain major attention.
• Bullish MACD signals keep energy buyers hopeful of poking $74.70 hurdle.

WTI crude oil remains mildly bid around mid-$70.00s as it defends the previous day’s recovery from a one-month low heading into Friday’s European session.

In doing so, the black gold extends the mid-week rebound of a horizontal area comprising levels marked since early May. Adding strength to the upside bias are the bullish MACD signals and the energy benchmark’s sustained break of the 21-bar Exponential Moving Average (EMA).

It’s worth noting, however, that the 50-EMA level of around $71.00 guards the immediate recovery of the WTI crude oil.

Following that, a downward-sloping resistance line from April 14, close to $72.50 at the latest, will gain the Oil buyer’s attention.

It should be observed that the commodity’s run-up beyond $72.50 isn’t an open invitation to the WTI bulls as the late May swing high of around $74.70 acts as the last defense of the bears.

On the contrary, a clear break of the 21-EMA, near the $70.00 round figure as we write, could recall the Oil bears.

Even so, the aforementioned one-month-long horizontal support zone near $67.40-20, quickly followed by the $67.00 round figure, may prod the WTI bears before directing them to the multi-month low marked the previous month around $64.30.

WTI: Four-hour chart

Trend: Limited upside expected