WTI Price Analysis: Recovery remains elusive below $107.00
- WTI retreats from intraday high, battles short-term key resistance.
- RSI rebound, recovery moves from 100-day EMA and 61.8% Fibonacci retracement favor buyers.
- 50-day EMA adds to the upside filters before convincing buyers.
WTI crude oil prices extend the previous week’s recovery from the monthly low, despite easing from intraday high to $106.50 amid early Monday morning in Europe. The black gold’s latest pullback could be linked to the commodity’s inability to cross the $107.00 hurdle, as well as the market’s indecision amid mixed sentiment.
That said, the previous support line from April 11 joins a two-week-old descending trend line to highlight the $107.00 level as the short-term key hurdle.
Following that, the 50-day EMA near $109.00 could test the WTI bulls before directing them to mid-May’s high near $113.20.
Should the quote remains firmer past $113.20, the odds of witnessing a run-up towards the monthly high near $121.35 can’t be ruled out.
Alternatively, pullback moves may fail to attract the market’s attention until the quote remains above $103.50, comprising the 100-day EMA and 61.8% Fibonacci retracement level of April-June upside.
In a case where oil bears manage to conquer the $103.50 support confluence, the monthly low near $101.15 and the $100.00 psychological magnet could flash on their radars.
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.
