WTI crude oil seesaws around $73.00 during Thursday’s sluggish Asian session, following its pullback from a 12-day high. In doing so, the black gold remains with the fortnight-old ascending trend channel while retreating from the channel’s top line and a five-week-long horizontal hurdle of late.
It should be noted that the energy benchmark’s latest pullback takes clues from the impending bear cross on the MACD and a retreat in the RSI (14) line after it touched the overbought territory.
With this, the commodity price is likely to decline further towards the immediate support of 100-SMA, around $71.70 by the press time.
In a case where the quote remains bearish past $71.70, the $70.00 and bottom line of the stated channel, close to $69.45, become crucial to watch as they hold the gate for the Oil bear’s entry.
Meanwhile, the aforementioned five-week-old horizontal resistance near $73.90-74.00 restricts the immediate upside of the WTI crude oil.
Following that, a convergence of the stated channel’s top line and the 200-SMA together highlights $74.60 as a tough nut to crack for Oil buyers.
Should the commodity price rally beyond $74.60, the odds of witnessing a run-up toward $77.50 and then to the $78.00 hurdles can’t be ruled out. Though, multiple hurdles marked since February 13 highlight the $80.80-81.00 as crucial resistance to watch afterward.
WTI crude oil seesaws around $73.00 during Thursday’s sluggish Asian session, following its pullback from a 12-day high. In doing so, the black gold remains with the fortnight-old ascending trend channel while retreating from the channel’s top line and a five-week-long horizontal hurdle of late.
It should be noted that the energy benchmark’s latest pullback takes clues from the impending bear cross on the MACD and a retreat in the RSI (14) line after it touched the overbought territory.
With this, the commodity price is likely to decline further towards the immediate support of 100-SMA, around $71.70 by the press time.
In a case where the quote remains bearish past $71.70, the $70.00 and bottom line of the stated channel, close to $69.45, become crucial to watch as they hold the gate for the Oil bear’s entry.
Meanwhile, the aforementioned five-week-old horizontal resistance near $73.90-74.00 restricts the immediate upside of the WTI crude oil.
Following that, a convergence of the stated channel’s top line and the 200-SMA together highlights $74.60 as a tough nut to crack for Oil buyers.
Should the commodity price rally beyond $74.60, the odds of witnessing a run-up toward $77.50 and then to the $78.00 hurdles can’t be ruled out. Though, multiple hurdles marked since February 13 highlight the $80.80-81.00 as crucial resistance to watch afterward.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن