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- WTI Price Analysis: Eyes to revisit sub-$102.00 region as bulls retreat from key resistance line
WTI Price Analysis: Eyes to revisit sub-$102.00 region as bulls retreat from key resistance line
- WTI eases from intraday high on failures to cross a five-week-old descending resistance line.
- Steady RSI directs pullback towards the 50-SMA, 100-SMA.
- April’s top will act as an extra filter to the north, sellers await confirmation from short-term ascending support line.
WTI prints mild losses around $104.15 as buyers fail to conquer short-term key hurdle during early Tuesday morning in Europe.
Steady RSI adds strength to the pullback moves, suggesting further weakness towards the 50-SMA and the 100-SMA, respectively around $101.85 and $101.60.
While a downside break of $101.60 won’t hesitate to direct the WTI bears towards the $100.00, any further weakness will be challenged by an upward sloping trend line from April 11, close to $96.70 by the press time.
On the flip side, a clear upside break of the aforementioned resistance line, at $105.10 now, could propel the energy benchmark towards the previous month’s high of $109.12.
In a case where the WTI bulls keep reins beyond the $109.12 resistance, late March’s swing high surrounding $115.85 will be in focus.
Overall, WTI prices are likely to witness a pullback but the bears have a long way to go.
WTI: Four-hour chart
Trend: Pullback expected
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