WTI crude oil remains sidelined near $80.30 as commodity traders look for fresh impulse to extend the biggest daily jump in 11 months during early Tuesday. In doing so, the black gold seesaws around a seven-week-long resistance line amid an overbought RSI (14).
Not only the $81.00 trend line hurdle and the overbought RSI (14) but the receding bullish bias of the MACD and multiple tops marked during January 2023 around $82.70 also challenge the WTI buyers.
In a case where the energy benchmark rises past $82.70, the odds of witnessing a run-up toward December 2022 high near $83.30 can act as the last defense of the Oil bears.
On the flip side, pullback moves can aim for the $80.00 round figure and the late Monday’s swing low around $79.00.
However, an upward-sloping support line from March 24 and the 200-SMA, respectively near $76.15 and $74.35, could challenge the Oil bears afterward.
Should the WTI bears keep the reins past $74.35, a fortnight-long support line near $70.80 and the $70.00 psychological magnet can lure the Oil sellers.
Overall, WTI crude oil buyers appear to run out of steam but the bears have a long way to travel before retaking control.
Trend: Limited upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.