WTI Price Analysis: Oil rises nearly 2.0% as bulls attack 50-EMA

• WTI picks up bids to refresh three-week high.
• Bullish MACD signals, clear break of previous resistance line favor buyers.
• Descending resistance line from June, 100-EMA challenge further upside.

WTI crude oil buyers keep the reins as they poke the 50-Exponential Moving Average (EMA) to refresh a three-week high around $80.90 during early Tuesday.

In doing so, the energy benchmark justifies the previous week’s upside break of a descending resistance line from November 07, as well as the bullish MACD signals.

As a result, the black gold is likely to overcome the immediate EMA hurdle surrounding $80.80, which in turn will allow buyers to aim for the downward-sloping trend line stretched from June, close to $83.60.

It’s worth noting, however, that the WTI’s upside past $83.60 appears difficult as the 100-EMA level surrounding $84.40 challenges the oil buyers afterward.

In a case where the quote rises past $83.60, November’s peak surrounding $93.00 should lure the commodity bulls.

Alternatively, pullback moves could initially aim for the $80.00 round figure before the mid-December swing high of around $77.80.

Though, a 12-day-old upward-sloping support line near $77.30 will precede the resistance-turned-support line from early November, close to $74.50, to challenge the WTI crude oil sellers.

Should the price remains weak past $74.50, the odds of witnessing a slump toward the monthly low near $70.30 can’t be ruled out.

WTI: Daily chart

Trend: Further upside expected