WTI Price Analysis: Bulls aim for $73.80 critical resistance

WTI extends two-day uptrend to refresh the highest level in a fortnight.
Bullish MACD signals back sustained break of 200-DMA, previous resistance line from November.
100-DMA, rising wedge’s resistance line challenge immediate upside.

Anil Panchal FXStreet

WTI crude oil pierces $73.00 threshold to poke monthly high, flashed before two weeks, during Thursday’s Asian session. In doing so, the black gold justifies a clear upside break of the 200-DMA and a descending trend line from November 10.

Given the bullish MACD signals favoring the latest breakout, the present upside momentum is likely to extend.

However, a convergence of the 100-DMA and upper line of a short-term rising wedge bearish chart pattern, near $73.80, becomes crucial for the WTI bulls.

Adding to the upside filter is the November 22 swing low of $74.65, a break of which will direct the oil prices towards the early November’s bottom surrounding $77.60 and then to the $80.00 threshold.

On the contrary, pullback moves may initially aim for the 200-DMA level of $70.37 before retesting the resistance-turned-support line close to $69.70.

Should WTI sellers conquer $69.70 support, the lower line of the stated rising wedge, near $67.00 will be crucial as a break of which will direct the prices towards the monthly low near $62.30.

WTI: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	73
Today Daily Change	1.59
Today Daily Change %	2.23%
Today daily open	71.41

Trends
Daily SMA20	70.43
Daily SMA50	76.66
Daily SMA100	73.69
Daily SMA200	70.29

Levels
Previous Daily High	71.43
Previous Daily Low	68.52
Previous Weekly High	72.83
Previous Weekly Low	69.21
Previous Monthly High	83.97
Previous Monthly Low	64.32
Daily Fibonacci 38.2%	70.32
Daily Fibonacci 61.8%	69.63
Daily Pivot Point S1	69.48
Daily Pivot Point S2	67.54
Daily Pivot Point S3	66.56
Daily Pivot Point R1	72.39
Daily Pivot Point R2	73.37
Daily Pivot Point R3	75.31

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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