WTI Price Analysis: Bulls catch a breather after refreshing 13-month high near $62.00
- WTI eases from multi-month high but stays inside a short-term bullish chart pattern.
- Monthly support line adds to the downside filters, channel’s resistance can probe bulls.
Following its run-up to the fresh high since January 2020, WTI eases from $62.25 to currently around $61.85 during the early Thursday’s trading. Even so, the energy benchmark stays within a one-week-old rising trend channel.
With the MACD signal staying green, WTI has a bit more gap above $62.00 before it hits the channel’s resistance line near $62.55.
If at all the oil buyers manage to cross $62.55, September 2019 peak surrounding $63.12 will off an intermediate halt before propelling the quote to the previous year’s high of $65.45.
Meanwhile, an ascending trend line from January 31, at $59.60, adds to the downside filters even if the quote’s pullback moves, if any, break the stated channel’s support near $59.90.
It should, however, be noted that the black gold’s weakness below $59.90 will not hesitate to test the 200-bar SMA level of $54.35.
WTI four-hour chart
Trend: Bullish
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.
