WTI Price Analysis: Oil buyers poke $72.50 within weekly triangle

WTI crude oil picks up bids to print 0.50% intraday gains near $72.50 as it appears well-set to snap a four-week downtrend amid early Friday. In doing so, the black gold rises inside a one-week-old symmetrical triangle.

Given the quote’s successful trading past an upward-sloping trend line from the last Wednesday, near $71.95 by the press time, as well as the capacity to stay beyond the 200-hour Exponential Moving Average (EMA), around $71.80 at the latest, Oil price is likely to remain firmer.

In that case, the stated triangle’s top line surrounding $73.20 becomes a crucial hurdle to watch as a break of which could quickly propel the WTI crude oil price toward the May 10 swing high near $73.80.

It’s worth noting that April’s low near $73.85-90 acts as an extra filter towards the north before directing the Oil buyers to the monthly high of $76.60.

Meanwhile, the aforementioned immediate support line and the 200-EMA, respectively near $71.95 and $71.80, restrict the short-term downside of the WTI crude oil.

Following that, the stated triangle’s bottom line, around $70.70, precedes a fortnight-old horizontal support of near $69.40-30 to challenge the energy bears.

Should the WTI price remains bearish past $69.30, the odds of witnessing a fall toward the monthly low near $64.30 can’t be ruled out.

WTI crude oil price: Hourly chart

Trend: Limited upside expected