WTI Price Analysis: Bulls keep the reins around 12-week high
- WTI rises for the seven consecutive days as buyers recall $43.00.
- The upper line of a short-term rising channel can probe the bulls.
- Sellers may remain cautious unless breaking 200-bar SMA.
WTI takes the bids near $43.08, up 0.35% intraday, during the initial Asian session trading on Tuesday. The energy benchmark refreshed the highest levels since early September the previous day before stepping back from an immediate ascending trend channel resistance.
Although the black gold’s failure to extend the pullback below $42.58 keeps the oil buyers hopeful, RSI conditions are near to overbought area while probing the upper line of an upward sloping channel stretched since November 13, at $43.35 now.
Even if the energy bulls manage to cross $43.35, the monthly high near $43.40, marked on Monday, will precede the August month peak near $43.85 to challenge the quote’s further upside.
Meanwhile, a downside break of the stated channel’s support, currently around $41.95, restricts the WTI sellers’ entry.
Also acting as the key downside filters are the 200-bar SMA level of $40.07 and the $40.00 threshold.
WTI four-hour chart
Trend: Pullback 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.
