WTI Price Analysis: Oil buyers poke multi-day-old resistance line, $78.30 is the key
- WTI crude oil price struggles around two-week high, eases from four-month-old resistance line of late.
- Recently firmer MACD signals, upbeat RSI (14) hints at the quote’s further upside, 100-DMA acts as additional resistance.
- WTI bears remain off the table unless the quote stays beyond one-week-old support line.
WTI crude oil buyers take a breather around a fortnight high, printing mild losses near the $78.00 threshold during early Friday. In doing so, the black gold price retreats from a four-month-long resistance line, as well as snapping a three-day winning streak.
It’s worth noting that the bullish MACD signals and the firmer RSI (14), not overbought, joins the quote’s successful trading above the one-week-long ascending support line to keep the WTI bulls hopeful of overcoming the adjacent resistance line, close to $78.30 at the latest.
However, the 100-DMA hurdle surrounding $79.75 and the $80.00 round figure acts as an extra filter towards the north.
In a case where the Oil price remains firmer past $80.00, tops marked in January 2023 and December 2022, respectively near $82.55 and $83.30, could lure the commodity bulls.
Alternatively, pullback moves appear unimpressive beyond the aforementioned support line stretched from the last Friday, close to $77.25 at the latest.
Following that, a quick drop to the previous weekly low of $73.85 can’t be ruled out. Though, a clear downside break of $73.85 will highlight February’s bottom and December 2022 lows, close to $72.50 and $70.25, as the key support to watch during the commodity’s further downside.
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.
