WTI Price Analysis: Bulls and bears in battle it out at key support

WTI bulls staying in the game, but at risk of a push below support.
Bears eye a break to $77.00 while bulls need to get over dynamic resistance.

Ross J Burland FXStreet

West Texas Intermediate crude oil was down following the US CPI but the bulls burst back to life taking out the shorts back to the start again. WTI fell initial;y to a support area that guards a move towards $77.00bbls:

WTI H1 chart

The hourly chart shows that the price is caught up high with longs form last week still in the trend. This leaves scope for a move lower while on the front side of overhead dynamic support and on the backside of the prior bullish trendline.

A break of the support opens the risk of a move to the $77.00 area again and guards a move towards $76.00 for the days ahead. On a break of resistance, however, the bulls will be back in the game as per the daily chart:

WTI daily chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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