• WTI stays on the front foot around the highest levels since October 2018.
  • Extension of rebound from 10-DMA, upbeat MACD favor bulls.
  • Ascending trend line from late May adds to the downside filters.

WTI picks up bids near the intraday top of $74.80, up 0.38% on a day, during early Friday. The black gold refreshed the multi-day top the previous day while extending the early week’s U-turn from 10-DMA.

Given the commodity’s sustained trading beyond the 10-DMA level of $73.40, not to forget an upward sloping support line from May 17, near $72.60, WTI is up for battling the key resistance line close to the $76.00 threshold.

However, the recent high near $75.70 and the year 2018 top close to $76.90 offers extra filters during the uptrend.

Meanwhile, pullback moves remain less worrisome until staying beyond the stated support line close to $72.60, a break of which could recall the $70.00 psychological magnet to the chart.

Though, the quote’s downside past $70.00 will be probed by March’s top surrounding $67.90.

Overall, WTI remains bullish but the stated resistance line may offer intermediate pullbacks to trade.

WTI daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 74.72
Today Daily Change 0.23
Today Daily Change % 0.31%
Today daily open 74.49
 
Trends
Daily SMA20 71.7
Daily SMA50 67.75
Daily SMA100 64.65
Daily SMA200 55.2
 
Levels
Previous Daily High 75.7
Previous Daily Low 73
Previous Weekly High 74.05
Previous Weekly Low 70.69
Previous Monthly High 74.17
Previous Monthly Low 66.78
Daily Fibonacci 38.2% 74.67
Daily Fibonacci 61.8% 74.03
Daily Pivot Point S1 73.09
Daily Pivot Point S2 71.7
Daily Pivot Point S3 70.4
Daily Pivot Point R1 75.79
Daily Pivot Point R2 77.09
Daily Pivot Point R3 78.49

 

 

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