WTI Price Analysis: Oil buyers poke multi-day-old resistance line, $78.30 is the key

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