WTI Price Analysis: Bears remain hopeful below 13-day-old resistance
- WTI bounces off intraday low, reverses two-week downtrend.
- Key SMAs guard short-term upside, if not overbought RSI and resistance line stay ready to challenge bulls.
- Sellers need to conquer two-week-old horizontal support for conviction.
WTI licks its wounds around $71.49, down -0.10% on bouncing off daily low, ahead of Friday’s European session.
The energy benchmark keeps an upside break of a short-term horizontal hurdle but stays below the 100 and 200 SMAs. Also challenging the black gold’s short-term advances could be the nearly overbought RSI conditions and a downward sloping trend line from July 06.
Hence, the bulls need a strong push to the north to pierce through the tough hurdle, else the pullback becomes easier.
In doing so, a horizontal area comprising multiple lows marked since July 08, around $70.30, followed by Thursday’s swing low near $69.60, could test WTI bears.
If at all the oil prices remain below $69.60, the $67.40 and the monthly low near $65.00 could return to the chart.
Alternatively, SMA confluence near $72.00–$72.20 guards the quote’s immediate advances ahead of the stated resistance line near $73.00.
Should the WTI bulls keep reins beyond $73.00, the $75.00 and the monthly high near $76.40 will be in focus.
WTI: Four-hour chart
Trend: Pullback expected
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.
