WTI Price Analysis: Bulls attempt to take on the daily trendline resistance

WTI bulls are making a last-ditch effort to break the $75.00 resistance.
Bears are still in control while price remains on the front side of the bearish trendline.

Ross J Burland FXStreet

West Texas Intermediate WTI crude oil rallied on Tuesday due to restrictions on the flow of the black gold between Canadian and the United States as exports remain restricted following the shutdown of the Keystone pipeline. Meanwhile, the technical, are, however, bearish as per the following analysis on the daily and hourly time frames:

WTI daily chart

The daily charts show the bears holding the fort below a key bearish daily trendline as the bulls attempt to take on the $75bbls mark.

WTI H1 chart

The hourly time frame shows the price supported, shower, also there could be a last-ditch effort from the bulls still. A break of resistance opens the risk of a move into test $77.50 for the days ahead.

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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