WTI Price Analysis: Extends recovery from three-week-old support to cross $75.00

• WTI takes the bids to renew intraday high, snaps two-day downtrend.
• Bearish MACD signals, six-week-old descending trend line challenge buyers.
• Fresh downside remains doubtful beyond $73.40, yearly low could lure bears afterward.

WTI crude oil remains on the front foot around the intraday high of $75.30 as it push back the bears, after a two-day uptrend, during Monday’s Asian session.

In doing so, the black gold recovers from a three-week-old horizontal support area to tease the buyers.

However, bearish MACD signals challenge the latest recovery moves targeting a downward-sloping resistance line from early November, around $77.00 by the press time.

Even if the quote manages to cross the $77.00 hurdle, the previous weekly high and the monthly top, respectively around $77.85 and $83.30 could challenge the energy benchmark’s further upside.

Should the WTI bulls keep the reins past $83.30, the odds of witnessing a run-up toward November’s high surrounding $93.00 can’t be ruled out.

On the flip side, pullback moves remain elusive unless the quote stays beyond the aforementioned horizontal support area around $73.65-40.

Following that, south towards the yearly low marked in the last week around $70.30 could become imminent.

In a case where the WTI bears dominate past $70.30, the $70.00 round figure may test the commodity’s further downside before directing sellers toward December 2021 low near $62.35.

WTI: Four-hour chart

Trend: Limited upside expected