WTI Price Analysis: Bulls approach $70.85 hurdle during four-day winning streak

• WTI grinds near one-week high marked the previous day, up for the fourth consecutive day.
• Successful break of 50-SMA joins upbeat oscillators to underpin bullish bias.
• Fortnight-long descending resistance line guards immediate upside ahead of a horizontal resistance area established since early February.
• One-week-old horizontal support acts as an additional downside filter.

WTI crude oil buyers keep the reins for the fourth consecutive day as the quote rises to $70.25 during early Thursday. In doing so, the black gold prices seesaw around the one-week top marked the previous day while approaching the key descending resistance line stretched from March 07.

The energy benchmark’s latest upside could be linked to a sustained break of a one-week-old horizontal resistance, now support, as well as the 50-SMA. Adding strength to the upside bias could be the bullish MACD signals and upbeat RSI (14) line, not overbought.

With this, the WTI bulls appear all-set to cross the aforementioned resistance line, around $70.85 by the press time. However, the seven-week-old horizontal region surrounding $72.50-70 appears a tough nut to crack for Oil buyers.

In a case where the commodity price rally beyond $72.70, the late February low joins the 100-SMA to highlight $73.85 as the last defense of the bears.

On the contrary, the 50-SMA and one-week-old horizontal support, previous resistance, restrict the short-term downside of the black gold near $69.85.

Following that, $68.00 and $66.50 may prod WTI bears before directing them to the monthly of around $64.40, also the lowest levels since December 2021.

WTI: Four-hour chart

Trend: Further upside expected