WTI Price Analysis: Mildly offered around $69.00 but bulls remain hopeful
- WTI eases from weekly top, fades break of seven-day-old previous resistance line.
- Bullish MACD, rebound from $65.00 and immediate rising trend line favor buyers.
WTI oil prices step back from the week’s top to $69.00, down 0.27% intraday, during early Thursday.
The energy benchmark refreshed weekly high after crossing a descending trend line from August 03 the previous day. Also suggesting the quote’s further upside are the bullish MACD signals and an upward sloping support line from Monday.
However, clear trading above $69.00 becomes necessary for the oil buyers to aim for 200-SMA near $71.40. During the rise, the $70.00 threshold may offer an intermediate halt.
It’s worth noting that the resistance line of a five-week-old descending triangle bullish pattern challenges the black gold’s rally beyond 200-SMA around $72.75.
Alternatively, the commodity’s further declines will aim to retest the previous resistance line around $68.10, a break of which will direct WTI sellers to the short-term support line near $66.80.
It should be observed, however, that the quote’s weakness past $66.80 will be questioned by the stated triangle’s support near $65.00, a break of which will convince the oil bears.
WTI: Four-hour chart
Trend: Further recovery 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.
