WTI Price Analysis: Immediate pennant, weekly support line test sellers below $65.00
- WTI eases from the highest levels since March 17, flashed the previous day.
- Bearish moves need confirmation, Momentum favors pullback.
- $66.20-30 becomes the key hurdle to watch during fresh upside.
WTI refreshes intraday low to $64.58, down 0.33% on a day, during early Friday. In doing so, the black gold snaps a three-day uptrend while consolidating the previous day’s gains that refreshed the six-week high.
Although the downward sloping Momentum line backs short-term WTI sellers, immediate pennant formation and an ascending trend line from April 22 probes further downside around $64.75-55 area.
In a case where the pullback conquers the immediate support zone, a 200-HMA level near $63.00 will be the key to watch.
Meanwhile, an upside break of the pennant’s resistance line close to $64.80 should cross the latest high, also the highest since mid-March, around $65.40, may test the oil buyers.
If all the WTI bulls keep reins past $65.40, multiple tops marked around $66.20-30 hold the key to further upside towards the yearly peak surrounding $67.85-90.
Overall, WTI is up profit-booking but the bears are less likely to last longer.
WTI hourly chart
Trend: Pullback 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.
