WTI Price Analysis: Steadies above $113.00, six-week-old resistance line in focus
- WTI remains sidelined after rising the most in a fortnight.
- Break of two-month-old descending trend line, bullish MACD signals favor buyers.
- Rising wedge can test buyers on the way to late March swing high.
WTI struggles to extend the upside break of the key hurdle, grinds higher around the two-month top during Friday’s Asian session. That said, the black gold seesaws near $113.10 at the latest.
Given the firmer RSI (14), not overbought, joining the bullish MACD signals to back WTI’s latest breakout, the commodity prices are likely to extend the run-up.
However, a six-week-old rising wedge bearish chart pattern tests the upside momentum, with the formation’s resistance line near $114.90 acting as an immediate hurdle.
Also challenging the short-term WTI buyers is March’s high near $115.90, a break of which will allow the bulls to aim for the yearly top marked in March near $129.45.
Meanwhile, pullback moves remain elusive beyond the resistance-turned-support line from March 24, around $112.55 by the press time.
Following that, the 10-DMA and support line of the aforementioned wedge, respectively near $110.35 and $108.75, will be crucial to watch.
Should the quote drops past $108.75, it confirms the rising wedge and becomes vulnerable to testing April’s low near $92.65.
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.
