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- WTI Price Analysis: RSI conditions, 12-day-old support keep buyers hopeful around $110.00
WTI Price Analysis: RSI conditions, 12-day-old support keep buyers hopeful around $110.00
- WTI grinds higher past 50-SMA, stays sidelined in the last three weeks.
- Higher-low on prices and RSI keep buyers hopeful until the quote stays beyond two-week-long support line.
- Bulls need a clear break of weekly horizontal hurdle to register dominance.
WTI crude oil prices keep the previous two week’s inaction forward as it flirts with $110.00 heading into Thursday’s European session.
Even so, the black gold buyers remain hopeful as an upward sloping support line from May 10 joins bullish RSI divergence, as the quote prints higher-low together with the indirection.
This suggests the energy benchmark’s ability to cross the weekly hurdle surrounding $111.30.
Following that, the monthly high near $113.20 and late March’s high near $116.60 can entertain oil buyers before directing them to the yearly peak surrounding $129.50.
Meanwhile, the 50-SMA level near $109.50 restricts the commodity’s immediate downside ahead of the aforementioned support line, at $109.15 by the press time.
Should the WTI bears manage to conquer the aforementioned support line, also break the $109.00 threshold, the odds of the quote’s south-run towards the previous week’s low near $103.00 can’t be ruled out.
WTI: Four-hour chart
Trend: Further upside expected
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