WTI Price Analysis: Oil buyers poke $72.50 within weekly triangle
- WTI crude oil remains firmer inside one-week-old symmetrical triangle, eyes the first weekly gain in five.
- Firmer RSI (14) line, not overbought, joins sustained trading beyond 200-EMA to defend energy bulls.
- Oil sellers remain off the table beyond $70.70, multiple hurdle to challenge bears afterward.
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
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.
