WTI Price Analysis: Oil seesaws near $73.00 after posting the biggest daily jump in 10 months
- WTI crude oil grinds near two-week high after rising the most since May 2022 the previous day.
- Clear break of 10-DMA, three-week-old descending trend line keeps buyers hopeful.
- 21-DMA, previous resistance line from December 2022 challenge upside momentum.
- Bullish MACD signals keep Oil buyers hopeful; one-week-old ascending trend line adds to the downside filters.
WTI crude oil prints mild losses below $73.00 as bulls tame a breather after the biggest daily jump in 10 months. In doing so, the Oil traders struggle to cheer the previous day’s upside break of the 10-DMA and three-week-old descending trend line.
However, the bullish MACD signals and sustained trading beyond the one-week-old ascending trend line enables WTI crude oil buyers to cross the immediate 21-DMA hurdle surrounding $73.40.
Even so, the previous support line from the last December, now resistance around $75.50, appears the key hurdle for the Oil bulls to cross before eyeing the driver’s seat.
Following that, a run-up towards the monthly high of around $81.00 can’t be ruled out.
On the contrary, the $70.00 restricts immediate downside of the WTI crude oil before highlighting the 10-DMA support of $69.50.
Should the black gold price drops below $69.50, a convergence of the one-week-old ascending trend line and previous resistance line from March 07, close to $68.20, becomes crucial for the Oil bears to conquer.
Overall, Oil price regains buyer’s attention despite the latest inaction.
WTI: Daily chart
Trend: Further upside expected