WTI Price Analysis: Off intraday low but key SMAs to test the bulls
- WTI picks up bids inside a short-term rising channel.
- Easing Momentum, key SMA challenge corrective pullback.
- Bears will look for entries below $61.50, buyers to have a bumpy road ahead.
WTI struggles to regain $62.00, down 0.15% near $61.95, despite the recent bounce off intraday low during Monday’s Asian session.
Although an upward sloping trend channel from last Thursday portrays the black gold’s short-term recovery moves, the Momentum indicator’s retreat and nearness to the crucial SMA resistances seek to test the corrective pullback.
Not only the 100 and 200-HMA, respectively around $62.10 and $62.40, but the upper line of the stated channel near $62.60 could also raise challenges for the WTI buyers.
Alternatively, a downside break of the immediate channel’s support line, near $61.50 by the press time, precedes $61.20 and the $60.00 threshold to restrict the commodity’s short-term downside.
However, any further weakness past-$60.00 will not hesitate to conquer the monthly low of $57.66.
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.
