WTI Prices Analysis: Remains steady above 10-DMA, five-week-old support line
- WTI holds on to the bounce off weekly low, grinds higher of late.
- MACD teases bears but multiple supports to the south keep buyers hopeful.
- One-week-old resistance guards immediate upside ahead of recently flashed eight-year high.
WTI keeps the previous day’s bounce from short-term key supports around $89.00 during Thursday’s Asian session.
In doing so, the black gold grinds higher towards the weekly resistance line, near $89.65 at the latest.
Although a clear rebound from the 10-DMA and an upward sloping trend line from January 03, 2022, keeps buyers hopeful to overcome the immediate resistance surrounding $89.65, MACD teases bears and hints at a bumpy road ahead.
As a result, the $90.00 threshold will act as an extra filter to the north before directing the WTI crude oil prices towards the latest multi-month high of $91.77.
Should the black gold remains firmer past $91.77, the September 2014 peak of $95.90 will be in focus.
Alternatively, pullback moves may initially target the 10-DMA and the stated support line, respectively near $88.60 and $88.25, before directing sellers towards the 21-DMA level of $86.45.
In a case where the quote drops below $86.45, an extended pullback towards the late January swing lows near $81.70 can’t be ruled out.
WTI: Daily chart
Trend: Pullback expected