WTI Price Analysis: Probes lower band of bollinger with mild losses above $43.00
|- WTI consolidates the previous day’s gains that probed the monthly high around $43.65.
- A three-day-old ascending trend line challenges the sellers below bollinger.
- Bulls need a clear break of $44.00 to keep controls.
WTI drops to $43.38, down 0.20% on a day, ahead of Wednesday’s Asian session. In doing so, the oil benchmark fades Tuesday’s upside momentum that challenged the monthly high near $43.65.
However, the oil prices are currently testing the lower band of the bollinger, which in turn suggests no further downside, which if ignored can highlight an ascending trend line from Friday, at $43.10 as the key support.
In a case where the bears refrain from respecting $43.10, the weekly low around $42.30 will be in the spotlight.
On the contrary, a falling trend line connecting the highs since yesterday, near $43.50, offers immediate resistance ahead of the monthly top surrounding $43.65.
During the quote’s run-up past-$43.65, the February month’s low if $43.94 will be the key as it holds the gate for the quote’s run-up to March month’s peak close to $48.75.
WTI 30-minute chart
Trend: Pullback expected
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