WTI Price Analysis: Bulls approach $70.85 hurdle during four-day winning streak
- WTI grinds near one-week high marked the previous day, up for the fourth consecutive day.
- Successful break of 50-SMA joins upbeat oscillators to underpin bullish bias.
- Fortnight-long descending resistance line guards immediate upside ahead of a horizontal resistance area established since early February.
- One-week-old horizontal support acts as an additional downside filter.
WTI crude oil buyers keep the reins for the fourth consecutive day as the quote rises to $70.25 during early Thursday. In doing so, the black gold prices seesaw around the one-week top marked the previous day while approaching the key descending resistance line stretched from March 07.
The energy benchmark’s latest upside could be linked to a sustained break of a one-week-old horizontal resistance, now support, as well as the 50-SMA. Adding strength to the upside bias could be the bullish MACD signals and upbeat RSI (14) line, not overbought.
With this, the WTI bulls appear all-set to cross the aforementioned resistance line, around $70.85 by the press time. However, the seven-week-old horizontal region surrounding $72.50-70 appears a tough nut to crack for Oil buyers.
In a case where the commodity price rally beyond $72.70, the late February low joins the 100-SMA to highlight $73.85 as the last defense of the bears.
On the contrary, the 50-SMA and one-week-old horizontal support, previous resistance, restrict the short-term downside of the black gold near $69.85.
Following that, $68.00 and $66.50 may prod WTI bears before directing them to the monthly of around $64.40, also the lowest levels since December 2021.
WTI: Four-hour 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.
