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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.

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 price74.72
Today Daily Change0.23
Today Daily Change %0.31%
Today daily open74.49
 
Trends
Daily SMA2071.7
Daily SMA5067.75
Daily SMA10064.65
Daily SMA20055.2
 
Levels
Previous Daily High75.7
Previous Daily Low73
Previous Weekly High74.05
Previous Weekly Low70.69
Previous Monthly High74.17
Previous Monthly Low66.78
Daily Fibonacci 38.2%74.67
Daily Fibonacci 61.8%74.03
Daily Pivot Point S173.09
Daily Pivot Point S271.7
Daily Pivot Point S370.4
Daily Pivot Point R175.79
Daily Pivot Point R277.09
Daily Pivot Point R378.49

Author

Anil Panchal

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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