• WTI prints three-day uptrend, grinds higher after piercing short-term key hurdle.
  • Firmer RSI conditions, sustained trading beyond 50-HMA strength bullish bias.
  • Buyers need validation from $111.30 to challenge monthly high.

WTI crude oil remains on the front foot for the third consecutive day, edging high around $110.35 during early Monday morning in Europe.

In doing so, the black gold extends the previous day’s upside break of the 50-HMA to rise past the one-week-old descending trend line.

The firmer RSI (14) line, not overbought, also backs the latest breakouts and keeps WTI buyers hopeful.

However, a horizontal area comprising multiple levels marked since May 17, around $111.30, appears a tough nut to crack for short-term oil buyers.

Following that, a run-up towards the monthly high of $115.53 can’t be ruled out.

On the contrary, pullback moves may initially aim for the previous resistance line and the 50-HMA, respectively around $109.90 and $108.50, before convincing WTI sellers.

Even so, the latest swing low surrounding $103.00 and the $100.00 psychological magnet will challenge the energy benchmark sellers.

WTI: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 110.31
Today Daily Change 0.48
Today Daily Change % 0.44%
Today daily open 109.83
 
Trends
Daily SMA20 105.26
Daily SMA50 103.78
Daily SMA100 96.94
Daily SMA200 85.55
 
Levels
Previous Daily High 110.56
Previous Daily Low 107.69
Previous Weekly High 113.18
Previous Weekly Low 102.99
Previous Monthly High 109.13
Previous Monthly Low 92.65
Daily Fibonacci 38.2% 109.46
Daily Fibonacci 61.8% 108.78
Daily Pivot Point S1 108.16
Daily Pivot Point S2 106.49
Daily Pivot Point S3 105.29
Daily Pivot Point R1 111.03
Daily Pivot Point R2 112.23
Daily Pivot Point R3 113.9

 

 

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