WTI Price Analysis: Oil buyers run out of steam near $72.00 as markets brace for data


  • WTI clings to mild gains around two-week high, up for the third consecutive day.
  • Clear break of six-week-old falling resistance line, weekly bullish channel keep Oil buyers hopeful.
  • Overbought RSI, cautious mood ahead of key US data prod energy bulls.
  • WTI crude oil sellers need to break $70.70 to retake control.

WTI crude oil struggles to refresh a two-week high while sticking to mild gains around $72.00 amid early Thursday in Europe. In doing so, the black gold remains within a one-week-old rising trend channel as it makes rounds to the weekly top.

The oil benchmark’s latest upside also takes clues from the clear upside break of a previously important resistance line stretched from late May, as well as the quote’s run-up beyond the 61.8% Fibonacci retracement of May 24 to June 12 downside, near $71.70-65 at the latest.

Further, bullish MACD signals also favor black gold buyers.

However, the overbought RSI conditions and the nearness to the one-week-old rising channel’s top line, close to $72.40 by the press time, challenge the WTI bulls. Following that, the late June swing high of around $72.70 can act as the final defense of the oil bears.

Meanwhile, the market’s positioning for the US ISM Services PMI and ADP Employment Change for June, as well as the Eurozone Retail Sales for May, seem to play its role in challenging the Oil traders of late.

That said, a downside break of $71.65 can trigger a quick fall of the WTI price towards a $70.80 support confluence including the 50% Fibonacci retracement and 200-SMA.

Though, the aforementioned bullish channel’s support line, close to $70.70 at the latest, can challenge the Oil bears afterward.

WTI crude oil: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 72.03
Today Daily Change 0.18
Today Daily Change % 0.25%
Today daily open 71.85
 
Trends
Daily SMA20 70.2
Daily SMA50 71.25
Daily SMA100 73.74
Daily SMA200 77.33
 
Levels
Previous Daily High 72.21
Previous Daily Low 70.45
Previous Weekly High 71.11
Previous Weekly Low 67.14
Previous Monthly High 74.36
Previous Monthly Low 66.95
Daily Fibonacci 38.2% 71.54
Daily Fibonacci 61.8% 71.13
Daily Pivot Point S1 70.8
Daily Pivot Point S2 69.74
Daily Pivot Point S3 69.04
Daily Pivot Point R1 72.56
Daily Pivot Point R2 73.27
Daily Pivot Point R3 74.32

 

 

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