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Eases from six-week top above $72.00 but bulls stay hopeful


  • WTI snaps four-day uptrend, steps back from the highest levels since early August.
  • Bullish MACD, sustained break of the key trend lines and 100-DMA favor buyers.

WTI consolidates weekly gains around multi-day high, 0.20% intraday near $72.20 during early Thursday. The oil benchmark jumped to the highest level since August 02 but failed to cross 23.6% Fibonacci retracement of May–July upside.

Even so, bullish MACD and the commodity’s ability to cross monthly resistance line, descending trend line from early July, also stay firmer beyond 100-DMA, keep WTI oil buyers hopeful.

During further pullback, an ascending resistance-turned-support line from August 12, near $71.15 offers immediate support ahead of the downward sloping trend line from July close to $69.20-15.

It’s worth noting that the $70.00 threshold and 100-DMA, around $69.00, add to the downside filters for the energy benchmark.

Meanwhile, an upside clearance of the 23.6% Fibonacci retracement level of $72.85 will aim for July 30 top of $73.88 and the mid-July peak surrounding $75.00.

However, a sustained run-up beyond the $75.00 round figure won’t hesitate to challenge the yearly top marked in July around $76.40.

WTI: Daily chart

Trend: Bullish

 

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