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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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