• WTI remains on the front foot after marking the best week since late August.
  • Firmer RSI, sustained bounce off weekly support line keeps buyers hopeful.
  • Two resistance lines from November guard immediate upside ahead of 200-SMA.

WTI rises 0.52% intraday while piecing the $72.00 threshold during Monday’s Asian session.

The black gold jumped the most on a weekly basis in over three months at the latest by keeping the rebound from a short-term support line. Adding to the bullish bias is the RSI line that stays firmer but not overbought, suggesting the market’s acceptance of the recent recovery.

That said, a clear break of the 100-SMA directs WTI towards a convergence of an ascending trend line from November 29 and a five-week-old downward sloping resistance line, around $73.50.

Should the oil buyers manage to cross the $73.50 hurdle, the 200-SMA level of $76.40 will act as a buffering the run-up targeting November 24 highs near $79.00 and the $80.00 threshold.

In a case where the WTI bulls step back, the stated support line from December 03, around $71.20 by the press time, will restrict short-term declines.

Following that, multiple supports near $70.30 and the $70.00 psychological magnet can entertain the bears before convincing them to knock $69.00 support, which holds the key for the quote’s further weakness.

WTI: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 72.18
Today Daily Change 0.36
Today Daily Change % 0.50%
Today daily open 71.82
 
Trends
Daily SMA20 72.97
Daily SMA50 77.77
Daily SMA100 73.77
Daily SMA200 70.1
 
Levels
Previous Daily High 72.18
Previous Daily Low 70.2
Previous Weekly High 73.17
Previous Weekly Low 66.17
Previous Monthly High 83.97
Previous Monthly Low 64.32
Daily Fibonacci 38.2% 71.43
Daily Fibonacci 61.8% 70.96
Daily Pivot Point S1 70.62
Daily Pivot Point S2 69.42
Daily Pivot Point S3 68.64
Daily Pivot Point R1 72.6
Daily Pivot Point R2 73.39
Daily Pivot Point R3 74.59

 

 

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