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.

Anil Panchal FXStreet

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

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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