WTI PRICE ANALYSIS: MILDLY BID ABOVE $37.00 INSIDE IMMEDIATE ASCENDING TRIANGLE

  • WTI struggles to keep upside momentum near three-month top.
  • One-week-old ascending trend line, 200-HMA add to the support.
  • An upside clearance of $38.30 will escalate moves to fill the gap below $41.22.

WTI portrays another attempt to defy short-term ascending triangle while picking up the bids near $37.64, up 0.32% on a day, during the pre-European session on Friday.

Even if the black gold has been on a recovery mode since flashing the low of $36.09 on Wednesday, the resistance line of the said triangle, near $37.80, has been restricting the upside.

Other than the triangle’s upper line, the recent high surrounding $38.30 could also challenge the bulls during the further rise, which if ignored could escalate the advances to fill the early-March gap below $41.22.

Meanwhile, the said triangle’s support, near $37.00, followed by an upward sloping trend line from May 28, at $36.85 now, restricts the quote’s immediate declines.

In a case where the oil benchmark drops below $36.85, a 200-HMA level of $35.10 and May 28 top near $34.35 could entertain the sellers.

WTI HOURLY CHART

Trend: Pullback expected



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