Oil Price Forecast: WTI stays above $24.00 within a short-term trading range
|- WTI Futures for June holds onto recovery gains from $23.73.
- A week-old horizontal resistance holds the gate to refresh the monthly top.
- 200-bar SMA limits further downside below the immediate support line.
WTI June futures register over 2.0% gains to $24.70 on NYMEX amid the early Asian session on Tuesday.
The black gold recently bounced off $23.73 while keeping its move above a short-term support trend line, currently around $23.45.
However, a horizontal resistance since early last week, near $25.30/40, keeps the buyers in check.
As a result, the energy benchmark needs to break the nearby trading range between $23.45 and $25.40 for a decisive move.
In doing so, a 200-bar SMA level of $20.52 and an ascending trend line since May 05, at $27.80, could be the key levels to watch.
WTI four-hour chart
Trend: Sideways
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