Oil Price Forecast: WTI bulls eye yearly resistance line above $30.00
|- WTI June Futures extend two-day winning streak to highest levels since March.
- A downward sloping resistance line from early-January on the bulls’ radars.
- Monthly support line, 50-day SMA restricts the black gold’s immediate declines.
WTI futures for June take the bids near $30.70, intraday high of $30.92, up 4.0% on a day, during early Monday.
While the black gold’s sustained trading above $30.00 keeps it on the bulls’ radars, a descending trend line since January 08, 2020, at $33.75 now, is in the focus for now.
Although a steep rise in the RSI might trigger the oil benchmark’s pullback moves around the key resistance line, a break of which could easily challenge a 100-day SMA level of $38.00.
Alternatively, the monthly support line around $27.30 will check sellers during the quote’s declines past-$30.00.
Also acting as strong downside support could be a 50-day SMA level of $21.90 and late-April lows surrounding $10.00.
WTI daily chart
Trend: Bullish
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