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- WTI Price Analysis: Bulls attack three-week-old resistance below $115.00
WTI Price Analysis: Bulls attack three-week-old resistance below $115.00
- WTI bulls take a breather at 11-day top amid overbought RSI.
- Sustained trading beyond the key SMAs keep buyers hopeful but a clear break of $115.00 becomes necessary for bulls.
WTI crude oil prices seesaw around a two-week high, easing to $113.60 during the early Asian session on Thursday.
The black gold’s latest pause could be linked to a failure to overcome a short-term important resistance amid overbought RSI conditions. Even so, the commodity’s sustained trading beyond the 100 and 200-SMA keep WTI buyers positive.
That said, a pullback towards the 100-SMA level surrounding $107.70 can’t be ruled out. However, any more weakness will make the quote vulnerable to decline towards breaking the $100.00 threshold while eyeing the 200-SMA near $99.70.
Should the WTI bears dominate past 200-SMA, the monthly low surrounding $92.36 will be on their radar.
Alternatively, an upside break of the aforementioned horizontal area established since March 03, around $115.00-114.70, will propel the quote towards $125.00.
Following that, the latest multi-month high of $126.51 will challenge the WTI bulls before directing them to the $130.00 threshold.
WTI: Four-hour chart
Trend: Pullback expected
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