WTI Price Analysis: Firmer below $75.00 on the way to six-week-old resistance

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.

Anil Panchal FXStreet

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

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.

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