WTI Price Analysis: Oil buyers poke $72.50 within weekly triangle
|- WTI crude oil remains firmer inside one-week-old symmetrical triangle, eyes the first weekly gain in five.
- Firmer RSI (14) line, not overbought, joins sustained trading beyond 200-EMA to defend energy bulls.
- Oil sellers remain off the table beyond $70.70, multiple hurdle to challenge bears afterward.
WTI crude oil picks up bids to print 0.50% intraday gains near $72.50 as it appears well-set to snap a four-week downtrend amid early Friday. In doing so, the black gold rises inside a one-week-old symmetrical triangle.
Given the quote’s successful trading past an upward-sloping trend line from the last Wednesday, near $71.95 by the press time, as well as the capacity to stay beyond the 200-hour Exponential Moving Average (EMA), around $71.80 at the latest, Oil price is likely to remain firmer.
In that case, the stated triangle’s top line surrounding $73.20 becomes a crucial hurdle to watch as a break of which could quickly propel the WTI crude oil price toward the May 10 swing high near $73.80.
It’s worth noting that April’s low near $73.85-90 acts as an extra filter towards the north before directing the Oil buyers to the monthly high of $76.60.
Meanwhile, the aforementioned immediate support line and the 200-EMA, respectively near $71.95 and $71.80, restrict the short-term downside of the WTI crude oil.
Following that, the stated triangle’s bottom line, around $70.70, precedes a fortnight-old horizontal support of near $69.40-30 to challenge the energy bears.
Should the WTI price remains bearish past $69.30, the odds of witnessing a fall toward the monthly low near $64.30 can’t be ruled out.
WTI crude oil price: Hourly chart
Trend: Limited 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.