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


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  • 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

Additional important levels

Overview
Today last price 77.95
Today Daily Change -0.09
Today Daily Change % -0.12%
Today daily open 78.04
 
Trends
Daily SMA20 77.14
Daily SMA50 78.02
Daily SMA100 79.82
Daily SMA200 87.93
 
Levels
Previous Daily High 78.65
Previous Daily Low 77.3
Previous Weekly High 77.75
Previous Weekly Low 73.86
Previous Monthly High 80.75
Previous Monthly Low 72.5
Daily Fibonacci 38.2% 78.14
Daily Fibonacci 61.8% 77.82
Daily Pivot Point S1 77.34
Daily Pivot Point S2 76.65
Daily Pivot Point S3 75.99
Daily Pivot Point R1 78.7
Daily Pivot Point R2 79.35
Daily Pivot Point R3 80.05

 

 

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