WTI Price Analysis: Keeps pullback from weekly resistance near $75.00

• WTI seesaws above the key moving average convergence after reversing from eight-day-old horizontal resistance.
• Bearish MACD signals, failure to cross short-term hurdle favor sellers.
• Ascending trend line from Thursday adds to the downside filters.

WTI crude oil seesaws around the $75.00 round figure after taking a U-turn from the one-week-long horizontal resistance the previous day. In doing so, the black gold stays defensive above the convergence of the 100 and 50 Hour Moving Averages (HMAs).

That said, the previous day’s failure to cross the $76.75-95 horizontal hurdle joins the bearish MACD signals to keep the WTI sellers hopeful.

However, the aforementioned HMA confluence near $74.80 puts a floor under the energy benchmark’s prices.

Also acting as short-term support is an upward-sloping support line from Thursday, close to $74.25 by the press time.

In a case where the quote remains weak past $74.25, the $74.00 threshold may act as the last defense of the oil buyers before directing the commodity prices towards the recent trough surrounding $72.60.

On the flip side, a successful break of $77.00 becomes necessary for the WTI bull’s conviction. Following that, a run-up toward the $80.00 round figure can’t be ruled out

Even so, the WTI buyers should remain cautious unless crossing the monthly top surrounding $81.55.

Overall, WTI remains bearish despite the latest inaction surrounding the key HMAs and a short-term support line.

WTI: Hourly chart

Trend: Further weakness expected