WTI Price Analysis: Wobbles near $46.00, prints bullish pennant on hourly chart
|- WTI prints mild gains while staying around the early March high.
- The immediate megaphone resistance adds to the upside filters.
- Bearish MACD challenges the bulls but sellers await a break of weekly support line.
WTI crosses $46.00, up 0.45% intraday, during the pre-European session on Thursday. The energy benchmark forms a bullish pennant on the hourly (1H) chart while taking rounds to the highest level since March 05, flashed the previous day.
Although the bullish chart pattern is likely to keep the oil buyers hopeful, on the break of $46.10, the upper line of a short-term megaphone pattern, at $46.70 now, seems to challenge the quote’s further upside amid bearish MACD.
It should, however, be noted that the commodity’s rise past-$46.70 will eye the March month’s peak near $48.75.
Meanwhile, the support line of pennant and megaphone, respectively around $45.90 and $45.50, can entertain the intraday sellers. Though, a clear downside below the weekly support line, at $45.10, will be necessary to rule out the black gold’s short-term upside.
Following that, the early Tuesday's high near $43.80 should lure the oil bears.
WTI hourly chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.