WTI Price Analysis: Holds onto 50/21-DMA breakout around $105.00
- WTI grinds higher past $105.00 after two-day uptrend.
- Steady RSI, DMA breakout keeps buyers hopeful to challenge 50% Fibo.
- Monthly support line appears a tough nut to crack for bears during the pullback.
WTI crude oil prices seem defensive at around $105.00 during Friday’s Asian session, after rising to a four-day high on crossing the 21 and 50 DMAs the previous day.
The black gold’s latest inaction fails to disappoint buyers, backed by the key DMA breakout and steady RSI.
That said, the commodity’s upside momentum remains bumpy as the 50% Fibonacci retracement of February-March upside, around $107.00, appears the nearby key hurdle for buyers to tackle before heading towards the resistance line from late March, near $109.30.
It’s worth noting that, the black gold’s rally beyond $109.30 needs validation from the monthly high near $110.35 to aim for late March’s peak surrounding $115.85.
On the contrary, the 50-DMA and the 21-DMA may initially challenge the quote’s pullback moves respectively around $104.10 and $103.65.
Following that, the 61.8% Fibo. and an upward sloping support line from April 11, close to $102.30 and $98.80 in that order, will challenge the WTI bears.
Overall, WTI is up for further advances but there prevails a bumpy road to the north until the quote stays below $109.30
WTI: Daily chart
Trend: Further upside 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.
