WTI Price Analysis: Cup-and-handle bullish formation in play around $72.50
|- WTI remains on the front foot around weekly top, after three-day uptrend.
- Firmer RSI, sustained trading beyond weekly support keeps buyers hopeful.
- Clear break of $73.00 is needed to convince bulls, $69.00 holds the key to seller’s return.
WTI crude oil bulls attack key upside hurdle around $72.50 during Thursday’s Asian session.
The oil benchmark rose for the consecutive three days last but failures to overcome the $72.80 resistance portrayed a bullish cup-and-handle chart pattern on the four-hour play.
Given the strong RSI line, not overbought, coupled with the quote’s successful recovery following the one-week-old support line, WTI crude oil prices are likely to stay stronger.
However, the 100-SMA level of $73.00 adds to the upside filters, other than the formation’s neckline near $72.80.
In a case where the black gold rises past $73.00, the bullish impulse will aim for the $80.00 threshold with the 200-SMA level near $77.00 likely offering an intermediate halt during the anticipated rally.
On the contrary, the aforementioned weekly support line, around $72.00 by the press time, restricts the commodity’s pullback moves, a break of which will direct the quote towards the $69.00 support.
Should the oil bears dominate past $69.00, the recently flashed multi-month low near $62.35 will be in focus.
WTI: Four-hour chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.