WTI Price Analysis: En route $72.50 despite recent rebound

• WTI prints mild gains at a fortnight low, snaps two-day downtrend.
• Previous support line, 50-DMA guards immediate upside while bearish MACD signals lure sellers.
• RSI conditions suggest limited downside room and highlight seven-week-long horizontal support.

WTI crude oil picks up bids to refresh intraday high near $74.40 during early Thursday. In doing so, the black metal prints the first daily gains in three while bouncing off a two-week low.

Even so, the energy benchmark remains on the bear’s radar as it jostles with fortnight-old previous support near $74.45-50.

Also supporting the downside bias for the Oil price are the bearish MACD signals and the quote’s sustained trading below the 50-DMA, around the $78.00 round figure at the latest.

Even if the WTI crosses the $78.00 hurdle, a downward-sloping resistance line from early November 2022, near $78.50 by the press time, could act as the last defense of the Oil sellers.

It’s worth noting that multiple tops marked during late January around $82.50-70 and the last December’s high of $83.30 could also challenge the WTI bulls.

Meanwhile, the commodity’s fresh downside may aim for the horizontal area comprising multiple lows marked since early January, around $72.65-50.

However, the late 2022 lows of $70.30 and the $70.00 round figure could join the nearly oversold RSI (14) conditions to challenge the Oil bears afterward.

Overall, WTI stays on the bear’s radar unless it crosses the $83.30 hurdle on a daily closing basis.

WTI: Daily chart

Trend: Limited downside expected