- June 10, 2021
- Posted by: Analysis Team
- Category: Forex News
WTI bounces off intraday low but stays negative for the second consecutive day.
Bullish chart pattern, sustained break of monthly hurdle favor buyers.
Early May tops add to the downside filters.
WTI licks its wounds around $69.30, down 0.43%, ahead of Thursday’s European session. Even so, the black gold remains inside a two-week-long bullish chart pattern, ascending trend channel, amid above 50.00 RSI conditions.
Hence, energy bulls may remain hopeful unless the quote breaks the stated channel’s support line, at $68.90 by the press time.
Although the channel breakdown directs WTI sellers to May 27 low near $65.17, an ascending trend line from May 05, near $67.70, as well the initial May month top close to $66.70, can provide halts to the south-run.
Alternatively, the corrective pullback could aim for a $70.00 threshold before targeting the latest swing high near $70.48.
However, any further upside will be tested by the channel’s resistance line close to $70.70.
WTI FOUR-HOUR CHART