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- WTI Price Analysis: Oil rebounds from resistance-turned-support but bull need acceptance from $73.90
WTI Price Analysis: Oil rebounds from resistance-turned-support but bull need acceptance from $73.90
- WTI picks up bids to refresh intraday high, reverses the previous day’s pullback from five-week top.
- U-turn from previous resistance, upbeat oscillators keep Oil buyers hopeful.
- 100-DMA, 50% Fibonacci retracement challenge energy bulls near multi-day top.
- Fortnight-old rising trend line acts as additional downside filter.
WTI crude oil price remains on the front foot as it renews its intraday high near $73.40 while reversing the previous day’s pullback from a multi-day high early Tuesday. In doing so, the black gold bounces off a seven-week-old previous resistance line to poke the 100-DMA hurdle.
Apart from the clear U-turn from the resistance-turned-support, the bullish MACD signals and upbeat RSI (14), not overbought, also keep the WTI crude oil buyers hopeful to overcome the immediate upside hurdle, namely the 100-DMA level of around $73.55.
However, the 50% Fibonacci retracement of the commodity’s April-May downturn and the recent peak, respectively near $73.90 and $74.10, act as the last defenses of the black gold bears.
Following that, the 61.8% Fibonacci retracement and the 200-DMA, around $76.20 and 77.20 in that order, will be in the spotlight.
On the contrary, a downside break of the previous resistance line, near the $73.00 round figure, isn’t an open invitation to the Oil bears as an upward-sloping support line from June 28, close to $71.90, holds the key for WTI seller’s entry.
Hence, the Oil price remains on the buyer’s radar even if the road toward the north appears bumpy.
WTI crude oil: Daily chart
Trend: Further upside expected
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