WTI Price Analysis: Oil bounces off 10-DMA to snap two-day losing streak above $74.00
- WTI crude oil price grinds near intraday high during the first profit-making day in three.
- Bullish MACD signals favor commodity’s bounce off 10-DMA but three-week-old previous support line prods energy buyers.
- 100-DMA acts as additional downside support while 200-DMA appears a tough nut to crack for WTI bulls.
WTI crude oil clings to mild gains around $74.30, up 0.33% intraday heading into Tuesday’s European session, as it rebounds from the 10-DMA support to print the first daily gain in three.
Apart from the 10-DMA support, the bullish MACD signals also underpin the upside bias surrounding the Oil price.
However, the support-turned-resistance line stretched from late June, around $74.40 by the press time, guards the immediate upside of the black gold price.
Following that, the $75.00 and the $76.00 round figures may entertain the buyers of the energy benchmark before highlighting the 200-DMA hurdle of $76.85. Also acting as an upside filter is the monthly high of near $77.20.
It’s worth noting that the late April swing high of near $79.20 and the $80.00 threshold will also challenge the Oil buyers before giving them control.
Alternatively, a daily closing beyond the 10-DMA support of around $74.10 will need validation from the $74.00 psychological mark and the 100-DMA, near $73.50 at the latest.
In a case where the WTI bears keep the reins past $73.50, June’s high of near $72.70 and the $70.00 will be in the spotlight.
To sum up, the WTI crude oil is likely to remain firmer but the road toward the north is bumpier than the south.
WTI: Daily chart
Trend: Limited 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.
