WTI Price Analysis: Weekly ascending channel defends oil buyers below $76.00
- WTI crude oil prices keep pullback from monthly top.
- Bullish chart formation, sustained break of 200-SMA favor energy buyers.
- A seven-week-old previous resistance line restricts short-term downside.
WTI crude oil prices remain pressured around an intraday low of $75.78 during the mid-Asian session of Wednesday. In doing so, the black gold keeps the previous day’s failures to refresh the five-week high but stays inside an ascending trend channel bullish chart pattern.
Given the firmer MACD and the quote’s successful trading above 200-SMA, not to forget the previous resistance line from November 09, WTI bulls remain hopeful to regain the $76.00 threshold.
Following that, the stated channel’s upper line near $78.30 and late November’s swing high around $79.00 will challenge the commodity prices.
Alternatively, 61.8% Fibonacci retracement (Fibo.) level of November-December downside, near $75.60, restricts immediate declines of the black gold before the support line of the aforementioned channel near $74.90.
In a case where the quote drops below $74.90, 200-SMA and 50% Fibo. level can stop the WTI bears around $73.10, if not then a south-run targeting the resistance-turned-support line near $69.00 can’t be ruled out.
WTI: Four-hour chart
Trend: Further upside expected
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