WTI Price Analysis: Bounces off weekly support to regain $117.00
- WTI pares intraday losses around multi-year high, rebounds from daily low of late.
- Monthly support line, 100-DMA restricts immediate downside before 200-HMA.
- Weekly resistance line guards recovery moves towards the highest levels since 2008.
- Firmer RSI, sustained trading beyond short-term key supports keep buyers hopeful.
WTI picks up bids to consolidate recent losses around $117.30, down 0.30% intraday during Tuesday’s Asian session.
The black gold rallied to the highest levels last seen during 2008 the previous day before reversing from $125.00.
The pullback moves, however, fail to conquer a nearby horizontal area surrounding $114.50-90.
As the steady RSI backs the commodity’s rebound, WTI crude oil prices are likely to revisit the latest peak surrounding $125.00.
However, a descending trend line from the previous day, near $118.90, as well as the $120.00 round figure may test the oil buyers.
Meanwhile, pullback moves below $114.50 will challenge a confluence of the 100-HMA and an ascending support line from February 25, near 111.80.
Following that, the 200-HMA level close to $103.60 holds the key to WTI’s further downside towards the $100 psychological magnet.
WTI: Hourly chart
Trend: Further upside 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.
